Saturday, November 13, 2010
VW Group buys Porsche dealer network
Volkswagen Group is buying Porsche Holding Salzburg (PHS), Europe’s biggest privately owned dealer group, for €3.3 billion.
VW said the deal will take place during the first half of 2011 and no later than September 30, 2011. The carmaker said this was the “next planned step towards the creation of the integrated automotive group with Porsche led by Volkswagen”.
PHS is Europe’s most successful private dealer group with a strong presence in Austria, Western Europe and South Eastern Europe as well as China. In the 2009-10 financial year (to March 31), unit sales of 421,000 new vehicles generated sales revenue of €12.2 billion, with profitability higher than the market average. PHS employs 20,300 staff.
“PHS will retain its status as a single organizational unit with its successful business model as well as all assets and all brands,” said Martin Winterkorn, CEO of Volkswagen AG.
“At the same time we will be significantly strengthening our own trade activities in major markets and regions. Moreover, by combining processes in relevant sectors such as financial services or IT we are also leveraging synergies and raising our performance in automobile trading, thereby making an appreciable contribution to achieving the targets of the Volkswagen Group’s Strategy 2018.”
DATED: 13.11.10
FEED: MT
