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On 13 March 2003, Rautakesko acquired a majority holding in the Lithuanian company UAB Senuku Prekybos centras (Senukai), which made Rautakesko the Baltic market leader. In February, a new K-rauta store was opened in Pärnu, Estonia. Sales in Latvia have developed well during the first quarter of 2003, Kesko says. However, sales targets for the first part of the year were not achieved in Sweden owing to a general decline in the market
Kesko Corporation’s subsidiary Rautakesko Ltd acquired a majority in Lithuania’s largest hardware and building supplies company UAB Senuku Prekybos centras from Augustinas Rakauskas and his family. The letter of intent regarding the deal was signed in June 2002. Part of the purchase price is fixed and part of it will depend on the results for 2003 and 2004. The present owners will have a shareholding of over 49 per cent in the company and Arturas Rakauskas will continue as the President of the company. The deal is estimated to have a positive effect on Rautakesko’s results.
UAB Senuku Prekybos centras (Senukai) is the market leader in the Lithuanian building supplies and DIY trade with a market share of about 25 per cent, Kesko says. In 2002, Senukai’s net sales totalled over € 150 million. At the end of 2002, the company had about 2,300 employees.
Rautakesko: Net sales 1 January to 31 March 2003
Sales in € mio
Change
Rautakesko Ltd
149
11.4 %
- Rautia
17.5 %
- K-rauta
6.3 %
K-rauta AB, Sweden
14
23.5 %
AS Rautakesko, Estonia
7
-2.7 %
A/S Rautakesko, Latvia
4
68.9 %
Senukai Group
7
-
ZAO Kestroy, Russia
1
-67.3 %
Eliminations
-1
-
Total
181
18.0 %
UAB Senuku Prekybos centras (Senukai) is the market leader in the Lithuanian building supplies and DIY trade with a market share of about 25 per cent, Kesko says. In 2002, Senukai’s net sales totalled over € 150 million. At the end of 2002, the company had about 2,300 employees.
Rautakesko: Net sales 1 January to 31 March 2003
Sales in € mio
Change
Rautakesko Ltd
149
11.4 %
- Rautia
17.5 %
- K-rauta
6.3 %
K-rauta AB, Sweden
14
23.5 %
AS Rautakesko, Estonia
7
-2.7 %
A/S Rautakesko, Latvia
4
68.9 %
Senukai Group
7
-
ZAO Kestroy, Russia
1
-67.3 %
Eliminations
-1
-
Total
181
18.0 %
