In order to strengthen its position in the trade of motor fuels, Fortum will deepen its co-operation with Kesko.
Neste Marketing Ltd and Kesko Food Ltd will establish a joint venture to be owned fifty-fifty by the two companies. The new company aims at combining the core competence of both parties in the growing market of motorist shops and at establishing a nation-wide Finnish chain of shops for traffic fuels and daily consumer products. The joint venture will start its operations in summer 2003, after the competition authorities have given their approval.
The objective of the chain is to develop a strong service concept for motorists and customers of neighbourhood stores. The concept is based on 72 Neste Quick Shop and Motorest service stations and about 30 K-pikkolo neighbourhood stores, which will remain in the ownership of the parent companies.
Neste Marketing Ltd will be responsible for the traffic fuels trade and the forecourt as a whole, while the joint venture will act as one of the commission traders of the Neste chain. The joint venture will be responsible for the neighbourhood stores, car wash and restaurant concepts. Neste Marketing Ltd and K-Plus Oy aim at combining their present customer loyalty systems and developing a new product for loyalty customers of traffic fuels.
Juha Uponen has been elected Managing Director of the joint venture. Juha Uponen worked earlier as Vice President of Neste Marketing Ltd in charge of traffic fuels and marketing.
In other respects, Neste Marketing Ltd will continue the operations of the Neste chain without change.
For further information, please contact:
Matti Peitso, Managing Director, Neste Marketing Ltd , tel. +358 10 452 5419