Supervisory Board approves purchase of leading office furniture mail order company in the USA

TAKKT to expand US activities

TAKKT AG is going to strengthen its presence in the North American market for office equipment. The Stuttgart-based group plans to buy the leading office furniture mail order company in the USA. TAKKT’s Management Board expects the contract to be completed within 14 days at the latest. 

In its 4 November 2005 meeting TAKKT's Supervisory Board approved the purchase. The company to be acquired employs about 120 members of staff and generates an annual turnover in excess of USD 100 million. It is the mail order market leader for office furniture in the USA. “Until now our position in this segment in North America was comparatively weak”, comments Georg Gayer, chairman of the TAKKT Management Board. This acquisition will add five further brands to TAKKT’s portfolio. The majority of customers stem from the service-sector which is showing above average growth. In future TAKKT will be less dependent on the manufacturing sector.  

The US-market for office furniture grew by three percent p.a. from 1990 to 2005. The acquisition candidate grew by more than five percent p.a. in the same period. The purchase price will lie within the range of USD 80 and 100 million. TAKKT is able to fund the take over with existing credit lines.

Stuttgart, 4 November 2005

Contacts:
Georg Gayer, CEO
Phone +49 711 34658-201

Dr Florian Funck, CFO
Phone +49 711 34658-207

Short profile of TAKKT AG
Represented in 25 countries, TAKKT AG is the number one B2B mail order group for office, business and warehouse equipment in Europe and North America. The product range of the TAKKT subsidiaries comprises some 100,000 items from the areas business and warehouse equipment, traditional and design-oriented office furniture and accessories, occupational safety products, equipment for retailers, the food service industry and the hotel market.

TAKKT AG employs approximately 1,900 members of staff, has more than 2.6 million customers worldwide and distributes more than 50 million catalogues and mailings each year.

The company is listed on the SDAX and was admitted to Deutsche Boerse’s Prime Standard on 1 January 2003.