ΚΟΡΡΕΣ Α.Ε.
Acquisition of 70% of Pharmacon Northern Greece SA
Korres SA Natural Products (the Company) announced that on 01.10.2008, has completed the acquisition of 70% of Pharmacon Northern Greece SA, the exclusive representative and distributor of the Company's products to the market of Northern Greece, for the price of 3.65 million euro.
Pharmacon Northern Greece S.A., was founded in 1999, based in Thessaloniki, and its main activity is the distribution of cosmetics products while prior to acquisition, was member of the Group of Companies Pharmacon D.Politis AFE. Its cooperation with the Company is long and today more than 95% of its sales are realized by Korres products.
In terms of economic figures, sales in 2007 amounted to 6,8 mil euros, an 19.08% increase, and net profits reached 298thous euros, increased by 32,3% compared with 2006.
The company, by acquiring 70% stake of its already established distributor, gains direct access to an important client base of over 1,700 pharmacies in the regions of Macedonia, Thessaly, Epirus and Thrace, as well as opportunities for further enhancing its presence of Korres Natural Products brand in those locations. Furthermore, it is given the possibility of reinforcing the profitability of the Company, through the economies of scale that will be created and the promotion actions planned by the Company to be implemented in the future.
The Group of Companies Korres Natural Products has a significant portfolio of 500 innovative products, with a strong position in the Greek market, in approximately 5,600 pharmacies and with 2 Korres stores, as well as abroad with a presence in 30 countries in branded stores and supermarkets with the network of 22 stores Korres. The objectives of the Group for 2008, is the development and promotion of existing brand "Korres Natural Products" and the new brand "Kings & Queens" in Greece and abroad, focusing mainly on the markets of UK, France, Germany, Spain and US. At the same time great emphasis will be given to the development of new product categories.
Pharmacon Northern Greece S.A., was founded in 1999, based in Thessaloniki, and its main activity is the distribution of cosmetics products while prior to acquisition, was member of the Group of Companies Pharmacon D.Politis AFE. Its cooperation with the Company is long and today more than 95% of its sales are realized by Korres products.
In terms of economic figures, sales in 2007 amounted to 6,8 mil euros, an 19.08% increase, and net profits reached 298thous euros, increased by 32,3% compared with 2006.
The company, by acquiring 70% stake of its already established distributor, gains direct access to an important client base of over 1,700 pharmacies in the regions of Macedonia, Thessaly, Epirus and Thrace, as well as opportunities for further enhancing its presence of Korres Natural Products brand in those locations. Furthermore, it is given the possibility of reinforcing the profitability of the Company, through the economies of scale that will be created and the promotion actions planned by the Company to be implemented in the future.
The Group of Companies Korres Natural Products has a significant portfolio of 500 innovative products, with a strong position in the Greek market, in approximately 5,600 pharmacies and with 2 Korres stores, as well as abroad with a presence in 30 countries in branded stores and supermarkets with the network of 22 stores Korres. The objectives of the Group for 2008, is the development and promotion of existing brand "Korres Natural Products" and the new brand "Kings & Queens" in Greece and abroad, focusing mainly on the markets of UK, France, Germany, Spain and US. At the same time great emphasis will be given to the development of new product categories.