Kauko-Telko Ltd's share capital today transferred to a subsidiary of Aspo plc. Aspo and Kesko Corporation signed an agreement to this effect on 28 February 2008. Based on Kauko-Telko's estimated balance sheet at end April, the debt-free selling price was about 79 million euros. Upon completion of the transaction, Kesko will recognise a non-recurring gain on the disposal of about 31 million euros in profits from discontinued operations.
Kesko pursues a strategy of healthy, focused growth concentrating on sales and services to consumer-customers. Kauko-Telko engages in international technical trade with the manufacturing industry and public and private utilities as its key customer groups. Kauko-Telko’s synergies with Kesko’s other business operations were few.
Kesko published stock exchange releases about the matter on 23 May 2007 and 28 February 2008.
Arja Talma, Senior Vice President, CFO, Kesko Corporation, tel. +358 1053 22113
Senior Vice President, Corporate Communications and Responsibility
Helsinki Stock Exchange
Main news media
Kesko (www.kesko.fi) is a Finnish retail specialist whose stores offer quality to the daily lives of consumers through valued products and services at competitive prices. Kesko has about 2,000 stores engaged in chain operations in the Nordic and Baltic countries, and Russia.
Aspo is a conglomerate focusing on sectors that require extensive, specialist knowledge. Our customers include companies in the energy and process industry sectors, in particular. In 2007, Aspo's net sales amounted to €266.6 million and its operating profit was €23.8 million.