Dimanche 17 août 2008

Moscow's Rolf to merge logistics with Avelon



Russia's Rolf Group intends to merge its automotive logistics business with that of Helsinki-based Avelon Group to expand its presence in northern Europe, an industry source said on Sunday. The deal, set to be announced on Monday, will create a business arranging transport for 25 foreign car brands eager to tap the fast-growing Russian market. It will also be a market leader in Denmark, Estonia, Finland and Sweden, the source said.

The business is expected to have up to $500 million in revenue next year and employ 1,200 staff.

Moscow-based Rolf Group is Russia's leading distribution and retail company for foreign cars. It features 13 foreign car brands in its portfolio now and forecasts group revenues of over $5.2 billion this year.
"Due diligence is under way on the deal, which will give Rolf majority control with Avelon management playing a leading role in the enlarged business," the source said, adding the tranaction was expected to wrap up within a few months and that no anti-trust issues were foreseen.


SOURCE : Reuters -- 17 Aug 2008

par Nicolas Laporte publié dans : Automobile Russie - Automotive Russia
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