|
Steinhoff International Holdings Limited
("Steinhoff")
JSE Share code: SHF
ISIN: ZAE000016176
Steinhoff UK Holdings Limited ("Steinhoff UK") a subsidiary of Steinhoff
International Holdings Limited ("Steinhoff") announced on Friday, 3 October
2003, the acquisition of the business and assets of Sprung Slumber Limited, one
of the bed manufacturing operations of Airsprung Furniture Group PLC. The
purchase consideration amounts to approximately GBP5.4 million and will be
payable in cash.
Sprung Slumber is a long established bed manufacturing company which has annual
sales of GBP11 million and a strong profit record over many years. The
estimated sustainable earnings before interest and tax of the acquired assets
amount to GBP1 million per annum.
The product range of Sprung Slumber comprises mainly matresses and divans but
also includes metal bed frames. The market coverage of Sprung Slumber is
complementary to Relyon and will bring new major customers to Steinhoff UK.
Markus Jooste, Steinhoff CEO commented: "With the addition of Sprung Slumber,
Steinhoff UK now offers greater choice to a wider range of customers in line
with our strategy to expand market coverage through complementary products and
to participate in the consolidation trend that is prevalent in the European
markets in which we operate."
From a raw materials perspective, Sprung Slumber offers an excellent opportunity
to expand intra-group foam and fibre sales from Pritex (a division of Steinhoff
UK) as well as opening up new possibilities for Steinhoff"s raw material
producing subsidiaries in Southern Africa.
Commenting on the acquisition Ian Topping, MD Steinhoff UK said: "Sprung Slumber
will be operated as a separate business to fulfil its considerable, stand-alone
growth potential. We welcome our 175 new colleagues to Steinhoff and look
forward to working with them to build an even more successful company."
ends
8 Oct 2003
Enquiries
Steinhoff International Holdings Ltd 011 445 3000
Markus Jooste, CEO
Piet Ferreira, Director Corporate Advisory Services
Steinhoff UK Holdings Ltd 0944 1823 66 8218
Ian Topping MD
College Hill 011 447 3030
Johannes van Niekerk 082 921 9110
Angela Parr 083 578 3885
Background note
Steinhoff International Holdings Limited manufactures, warehouses and
distributes a wide range of household goods, including upholstered furniture,
case goods, bedding as well as raw materials used primarily in the manufacturing
of household goods. The Group"s facilities are situated throughout Europe,
Australia and Southern Africa. It is listed on the JSE, South Africa and as of 7
October 2003 had a market capitalisation of ZAR 6.4 billion. The Group employs
approximately 20,500 people (as of June 30th 2003) with a further 10,000 people
through associates and joint ventures.
Steinhoff UK is a group of trading and manufacturing companies which was formed
pursuant to the acquisition of Relyon Group Plc, now Relyon Group Limited in
September 2001. The three former Relyon businesses, being Relyon (UK bed
manufacturing), Norma (Dutch bed manufacturing) and Pritex (UK foam and fibre
conversion), were combined with Steinhoff"s existing UK sales and distribution
business situated at Tewkesbury. Following this acquisition it will own eight
factories in the UK and The Netherlands and one distribution centre in the UK.
Visit www.steinhoffinternational.com for more information.
Date: 09/10/2003 02:24:05 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
