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Petropoulos: Announcement


Petros Petropoulos AEBE announces it has signed today an agreement with Shell pursuant to which it will become the macro distributor of Shell branded lubricants throughout Greece. 

As part of the transaction Petros Petropoulos AEBE will acquire Shell Hellas AEs current Greek Lubricants sales and marketing, local Marine and Aviation lubricants businesses. It will also become Shell Marine Products(SMP) delivery service provider for SMPs international customers calling in Greece. 

The transaction is subject to Greek competition authority clearance. It is anticipated that the transaction will be completed in the early part of 2010. The business acquisition is estimated to be worth around "14 million after re-structuring. It will be financed by a combination of equity and debt. 

The Managing Director of Petros Petropoulos AEBE, Mr. John Petropoulos, stated "We are very pleased by this development, which fits harmoniously with our strategy of forming long term alliances with world leaders in the automotive and industrial products industries. Shell is one of the most recognized brands globally, a leader in lubricants and one of the greatest companies in the world. This new activity is expected to increase our total annual sales by 35-40% in the near term, with further growth in the coming years". 

Petros Petropoulos AEBE was established in Thessalonica in 1922. It manufactures, modifies, distributes and supports a wide range of automotive products including automobiles, trucks and buses, generating sets, diesel engines, boats, outboard engines, agricultural, earthmoving and industrial equipment, batteries and lubricants. The Company has a leading position in the Greek market in the sectors which it serves. 

"The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this report the expressions "Shell", " Group" and "Shell Group" are sometimes used for convenience where references are made to Group companies in general. These expressions are also used where there is no purpose in identifying specific companies.

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