AP NEWS
Related topics

Wal-Mart to take over German supermarket chain

December 18, 1997

KARLSRUHE, Germany (AP) _ American discount retail giant Wal-Mart Inc. will acquire German supermarket chain Wertkauf, the German company said today. Financial terms were not disclosed.

The deal will close Dec. 31, Wertkauf said.

Wal-Mart will take over Wertkauf’s 21 outlets, which expect to record 2.5 billion marks, or $1.4 billion, in group sales in 1997, Wertkauf said.

Wertkauf employs about 6,000 people.

Wal-Mart’s sales came close to $105 billion in 1996, making it the world’s largest retailer.

Wal-Mart Chief Executive Bob Martin said Wal-Mart has been focusing for some time on expansion in European markets, especially Germany, Europe’s largest retail market.

Wertkauf is owned by the Mann family of Karlsruhe, Germany.

AP RADIO
Update hourly