ICA AB to sell ICA Meny
ICA AB to sell ICA Meny
Solna: February 22, 2006
ICA ABs Board of Directors has decided to sell its subsidiary, ICA Meny, which specializes in distribution to restaurants, caterers, and convenience stores.
As previously announced, executive management at ICA Meny has evaluated the strategic alternatives for the company. ICA ABs Board of Directors has now decided that the company will be sold.
- Our decision was based on the major transformation and consolidation taking place in the restaurant and industrial catering market, says Kenneth Bengtsson, President and CEO, ICA AB. ICA has had to decide whether to invest heavily in ICA Meny or sell the company. We have opted to focus on ICAs core business, the retail sector, and give another company the opportunity to grow ICA Meny in the restaurant market.
For further information, please contact: Kenneth Bengtsson, President and CEO, tel +46 8 561 502 58 ICAs press hotline, +46 70 253 66 60
----------------------------------------------------------------------------------------------------- About ICA The ICA Group is one of the Nordic regions leading retail companies, with around 2,300 of its own and retailer-owned stores in Sweden and Norway. The Group includes the sales companies ICA Sverige, ICA Norge and Etos. ICA Meny specializes in distribution to restaurants, the foodservice sector and convenience stores. ICA also offers financial services to Swedish customers through ICA Banken. ICA owns half of the companies Rimi Baltic, with just over 170 stores in the Baltic countries, and Netto Marknad, with just over 70 stores in Sweden. ICA AB is a joint venture 40% owned by Hakon Invest AB and 60% by Royal Ahold of the Netherlands. Due to shareholder agreement, neither party has control of the company and both share equal voting power. Through Royal Ahold, ICA AB is part of an international retail network. For more information, please visit http://www.ica.se