*NEWS*CORP EXPRESS TO SELL GERMAN BRANCH

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*NEWS*CORP EXPRESS TO SELL GERMAN BRANCH

 user 2007-09-16 at 12:21:00 pm Views: 35
  • #18767

    Corporate Express in deal to sell Veenman Germany to Konica Minolta
    AMSTERDAM,
    Sep. 2007  — Corporate Express NV said it has reached a deal to sell
    Veenman Germany to Konica Minolta Business Solutions Germany, part of
    the Konica Minolta group.The transaction is subject to approval by the
    German anti-trust authority.Veenman Germany sells and services
    non-impact printing equipment of hard copy and electronic documents. It
    reported 36 mln eur of sales in 2006.A Corporate Express spokesman told
    Thomson Financial News a normal industry price for such a deal is
    usually about half the sales figure.He added that the sale of Veenman
    Germany is part of the refocusing of Corporate Express’ strategy
    conducted over the past couple of years involving ‘the buying and
    selling of activities’ to become a pure office products distributor.The
    spokesman said the transaction is not part of the comprehensive
    strategic review announced by Corporate Express in June, adding that
    the results of that review are still expected at the end of September.