ALNO AG: ALNO AG gains a strong partner for ALNO Middle East to further accelerate growth
ALNO AG / Agreement
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Ad hoc publication according to § 15 WpHG
26 May 2008, about 9.15 a.m.
ALNO AG gains a strong partner for ALNO Middle East to further accelerate
growth
Pfullendorf, 26 May 2008 - ALNO AG and Al Khayyat Investments L.L.C have
joined forces to accelerate the growth of ALNO Middle East FZE (AME) as
equal partners. The aim is to use the strong ALNO brand and Al Khayyat's
network and experience to sustainably strengthen the long-term growth of
AME across the Middle East. Regional turnover is expected to double every
year for the next three years.
The parties agreed to keep the purchase price of the stake confidential.
Both partners will make significant investments up to the end of 2009 in
order to expand capacities at AME. The number of employees will increase
from the current 122 to 195 by the end of 2009 as a consequence of this
expansion.
Al Khayyat also plans with the new Joint Venture to sell ALNO kitchens
through lead shops it will be opening, starting in Dubai and then expanding
in the Emirates. In this way, ALNO and Al Khayyat plans to satisfy the
rapidly growing demand in the region. The urban area of Dubai has posted
particularly rapid growth in the past few years. This can be seen above all
in the construction of ambitious infrastructure and real-estate projects.
Al Khayyat Investments, a holding based in Dubai, is active in the
development of large real-estate projects, and the company also has a
strong presence in the retail sector in the Middle East. Al Khayyat also
has significant interests in pharmaceuticals, medical equipment, cars,
leasing, landscaping, und education. As such, Al Khayyat Investments has an
extensive network, and maintains excellent business connections to the most
important state and private companies in the region.
AME, previously a hundred-percent subsidiary of ALNO AG, has been producing
kitchens, wardrobes and bathroom furniture in the Jebel Ali Free Zone near
Dubai since 2005. AME services markets throughout the Middle East from its
Dubai location.
Financial press contact:
Alistair Hammond
Tel: +49 173 663 9152
Email: Alistair.Hammond@alno.de
Trade press contact:
Alexia Sailer, Head of Corporate Communications
Tel: +49 755 221 - 33 16
Email: Alexia.Sailer@alno.de
26.05.2008 Financial News transmitted by DGAP
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Language: English
Issuer: ALNO AG
Heiligenberger Straße 47
88630 Pfullendorf
Deutschland
Phone: 07552-21-0
Fax: 07552-21-773316
E-mail: alexia.sailer@alno.de
Internet: www.alno.de
ISIN: DE0007788408
WKN: 778840
Listed: Regulierter Markt in Frankfurt (General Standard), Stuttgart;
Freiverkehr in Berlin, München
End of News DGAP News-Service
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