October 13 (SeeNews) - Athens-listed housewares distributor Yalco Constantinou SA said it had reached a preliminary agreement for the sale of its subsidiary Yalco Romania for 1.9 million euro ($2.09 million).
The transaction is expected to be completed by end-2016, Yalco added, without naming the buyer.
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The move is part of a restructuring process agreed with creditor banks an aimed at allowing the company to concentrate on its domestic operations, the Greek company said in a statement filed with the Athens Stock Exchange on Wednesday.
Yalco Romania was established in July 2006 and started operations in March 2007.
The company reproduced in Romania the business model that it is running in Greece, importing and distributing Black & Decker and DeWalt power tools, housewares and decoration articles as well as hotel, restaurant, and catering items.
The customer base of Yalco Romania includes domestic and international retail and wholesale chains such as Metro, Selgros, Praktiker, Carrefour, Bricostore, Cora, Baumax, Ambient, Dedeman, Romstal etc. Also, it includes a wide network of wholesale and retail operators throughout Romania, such as big hotel chains like Marriott, Intercontinental, Accor etc. and restaurant chains like MacDonald’s and Hard Rock Café.
The company has its office base in a 750 sq m building in Baneasa area, in the northern part of Bucharest.
($=0.9072 euro)