WULFF-GROUP PLC STOCK EXCHANGE RELEASE 24 September 2009, 5.30 p.m
WULFF-GROUP PLC FOCUSES ITS OPERATIONS IN LINE WITH THE COMPANY STRATEGY AND
DIVESTS EVERYMAN OY AND OFFICEMAN OY
Wulff-Group Plc has today divested its shares in Everyman Oy and Officeman Oy,
two companies in which it had a 70% holding, to the minority shareholders. The
price of the transactions totals EUR 280,000 and will be settled in cash.
Wulff-Group Plc will recognise a EUR 300,000 sale loss for the transactions in
the company’s third-quarter results. The divested companies have accounted for
some 4% of Wulff-Group’s net sales and balance sheet total.
Everyman Oy and Officeman Oy sell office supplies and certain consumer products
to retailers and also use the direct sales concept. The companies have 27
employees and their unaudited net sales for the first six months in 2009
totalled EUR 1.4 million, while their earnings were some EUR 0.1 million
The divestment complies with the strategy of Wulff-Group Plc’s Direct Sales
Division, according to which the company focuses on product sales, acting as an
efficient and direct supply channel. Retail sales and consumer products do not
belong to the core operations of Wulff’s direct sales. The Direct Sales Division
acquires nearly all of its products straight from the manufacturers and sells
them directly to end users.
Heikki Vienola, CEO of Wulff-Group Plc: “We want to develop our operations and
be a pioneer in the field. Our goal is to provide customers with solutions that
are specific to this sector and offer them as much added value as possible. This
calls for good management, as well as a focus on core business and its
development. The operations of Everyman Oy and Officeman Oy no longer supported
our core operations. The divestment complies with our strategy.”
Wulff-Group Plc is the Finnish market leader in office supplies. Its acquisition
of Strålfors Supplies AB in July made it the biggest Nordic player in the field.
The Strålfors Supplies AB acquisition will increase Wulff-Group Plc’s annual net
sales by some 40%. It also gives a competitive advantage, enabling Wulff-Group
Plc to develop its contract customer concept for major Scandinavian customers.
Heikki Vienola, CEO
tel. +358 (0)9 5259 0050 or +358 (0)50 65 110
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