INTENTION TO CARVE-OUT VEHICLE DISTRIBUTION AND RETAIL ACTIVITIES INTO NEW SUBSIDIARIES
D’Ieteren SA announces its intention to carve-out its vehicle distribution and retail business, D’Ieteren Auto, into a new fully owned subsidiary. At a second level, D’Ieteren Auto has the intention to carve-out part of its own activities into several new subsidiaries.
Level one: D’Ieteren group’s vehicle retail and distribution activities to become a wholly owned subsidiary
Up to now, D’Ieteren Auto’s activities were included at D’Ieteren SA’s level. D’Ieteren aims to carve-out these historical activities into a new wholly owned subsidiary. This would place D’Ieteren Auto at the same level as Belron, Moleskine and D’Ieteren Immo within the D’Ieteren group.
This project of new organisation structure underlines D’Ieteren group’s commitment to a long-term strategy that supports the growth and development of D’Ieteren Auto.
Group Chairman Nicolas D’Ieteren: “Our automotive activities have been the foundation of our history and our prosperity. They have made us what we are today and will continue to be an integral part of what we will be tomorrow. I am confident in the ability of our teams and in their determination to build a sustainable future for D’Ieteren Auto.”
Level two: D’Ieteren Auto in turn wishes to carve-out part of its activities into new subsidiaries
D’Ieteren Auto plans to carve-out its D’Ieteren Car Centres in the Brussels region, the Porsche Centres in Brussels and Antwerp as well as EDI, its new electric vehicle charging service, into subsidiaries. The new subsidiaries would be 100%-owned by the newly-created D’Ieteren Auto subsidiary.
These operations would make D’Ieteren Auto more flexible and bring it closer to its customers in a market where digitisation and new mobility solutions make it strategically vital to have direct contact with different types of customers. These new structures should also allow each business to concentrate on its own activities and thereby optimise its own development path.
Denis Gorteman, CEO of D’Ieteren Auto: “We aim to become an unavoidable point of entry for customers in search of vehicle-related services and new mobility solutions. To achieve this, our organisation must become more agile and more responsive to market shifts.”
The creation of the new subsidiaries, which would be effective as from 1 January 2021, is currently undergoing an information and consultation process with the social partners, in compliance with existing legislation. The carve-outs should not have any impact on the employment conditions of transferred employees.
End of press release
In existence since 1805, and across family generations, D’Ieteren seeks growth and value creation by pursuing a strategy on the long term for its businesses and actively encouraging and supporting them to develop their position in their industry or in their geographies. The Group has currently three activities articulated around strong brands:
- D'Ieteren Auto distributes Volkswagen, Audi, SEAT, Škoda, Bentley, Lamborghini, Bugatti, Porsche and Yamaha vehicles in Belgium. It is the country's number one car distributor, with a market share of around 21% and 1.2 million vehicles on the road. Sales and adjusted operating result reached respectively EUR 3.4 billion and EUR 113.0 million in 2018.
- Belron (54.10% owned) has a clear purpose: “making a difference by solving people’s problems with real care”. It is the worldwide leader in vehicle glass repair and replacement and operates in 35 countries, through wholly owned businesses and franchises, with market leading brands – including Carglass®, Safelite® and Autoglass®. In addition, Belron manages vehicle glass and other insurance claims on behalf of insurance customers. It has also expanded its services into the automotive damage and home damage repair and replacement markets. Sales and adjusted operating result reached respectively EUR 3.8 billion and EUR 225.7 million in FY 2018.
- Moleskine (100% owned) is a premium and aspirational lifestyle brand which develops and sells iconic branded notebooks and writing, travel and reading accessories through a multichannel distribution strategy across more than 115 countries. Sales and operating result reached respectively EUR 174.1 million and EUR 28.6 million in FY 2018.
Arnaud Laviolette, Chief Financial Officer
Francis Deprez, Member of the Executive Committee
Anne-Catherine Zoller, Corporate Communication - Tel: + 32 (0)2 536.55.65