Kesko to sell its Yamarin boat business and Yamaha representation in Finland
Konekesko Ltd, part of Kesko Group, has made an agreement to sell its Yamarin boat business to Inha Works Ltd, a subsidiary owned by Yamaha Motor Europe N.V. The representation of Yamaha’s recreational machinery in Finland transfers From Konekesko Ltd to Yamaha Motor Europe N.V.
Kesko’s strategic objective is growth in the Finnish grocery trade, the building and technical trade and the car trade.
Yamaha Motor Europe N.V. will establish a country office of its own in Finland to be responsible for the sales and marketing and after sales services of Yamaha products and selected boat brands.
”I’m very pleased that the manufacture of Yamarin boats and the import of Yamaha’s recreational machinery will continue in the ownership of our long-standing partner Yamaha Motor Europe. We see that this transaction provides the Finnish Yamarin with the best possible opportunities to progress and grow in both the national and the export market,” says Antti Meriläinen, Senior Vice President, agricultural and machinery trade.
The sale includes Konekesko Ltd’s Yamarin boat business, the import of Yamaha products and the representations of certain other brands. In 2015, the aggregate pro forma net sales of the operations being sold were €65 million. The parties have agreed that the transaction price is not disclosed. The people working in the businesses being disposed of will transfer to the employment of the new operators under their existing contracts in connection with the transaction.
The completion of the transaction is subject to the approval of the Finnish Competition and Consumer Authority (FCCA) and the fulfilment of the other terms and conditions of the transaction. The transaction is expected to be completed during the first half of 2017.
