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Yalco-Konstandinou acquires electrical appliances wholesaler and reports fall in 1999 profit

Greek glassware importer Yalco-Konstandinou is expanding into the electrical equipment sector with the acquisition of a 51% majority stake in an electrical appliances importer and wholesaler.
Accord…

Greek glassware importer Yalco-Konstandinou is expanding into the electrical equipment sector with the acquisition of a 51% majority stake in an electrical appliances importer and wholesaler. According to reports, a preliminary agreement has already been signed. The acquired company generates turnover of some Dr 6 billion and makes profits of around Dr 400 million. Yalco will fund the acquisition with part of the proceeds from its recent Dr 4.7 billion capital raising operation. Some of the fresh funds will be used on new initiatives since the company plans to raise its profile in the retail sector. Amongst these plans is the creation of a second logistics centre in Attica. Yalco closed 1999 with sales of Dr 7.45 billion compared with Dr 7.2 billion the previous year. Profits fell to Dr 200 million from Dr 450 million. It sees a sharp increase in sales this year; already in the first two months of 2000 sales rose 35% on the corresponding period of 1999.

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