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Affichage puts an end to its operations in Greece
After a thorough analysis of various options, including a joint venture with a local partner, Affichage Holding SA has decided to cease with immediate effect its commercial operations in Greece, and to hand over the running thereof to a Greek third company.
Affichage Holding SA thus continues to implement its new international strategy, which aims at focusing only on profitable markets. Abandoning activities in Greece enables Affichage to redress the costly errors made in the previous strategy of international expansion, which is of course in the interests of both the shareholders and the Group. The parties have agreed not to publicize the cost of this transaction.
Moreover, this agreement considerably reduces the risks related to Affichage Holding SA's investments abroad and will facilitate the continuing effort to consolidate international activities. In the long run, this will help focus the Group's resources on maintaining its leading position in the Swiss out-of-home market.
This transaction does not bring into question the judicial proceedings initiated against P. Vrionis and other persons associated with him.
Contact
Dr. Daniel Hofer, CEO, Affichage Holding SA, Giesshübelstrasse 45, 8045 Zurich
Phone: +41 58 220 71 51
E-mail: daniel.hofer@affichage.com
Affichage Holding SA Media Office, Giesshübelstrasse 4, 8045 Zurich
Phone: +41 58 220 71 51
E-mail: media@affichage.com
Zurich/Geneva, April 21st 2011