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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.
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