Metro Group has announced that its spun off Consumer Electronics division is to be named Ceconomy. The group made the announcement at its Capital Markets Day, held today (15 December) in Düsseldorf.
The event marks the launch of 'two strong, successful and strategically focused companies', Metro Group said in a statement, with its Wholesale and Food business continuing to operate under the Metro name.
“Today, two dynamic companies with the best positioning in their sectors will introduce themselves," said Metro Group CEO Olaf Koch.
"Each of these companies has established a strong and future-proof strategic, operative and financial position – and as independent companies we will set our course for sustainable and healthy growth."
Pieter Haas has been designated CEO of the Ceconomy business, and said that the company has "created an excellent starting position for our upcoming independence through a comprehensive realignment."
A Metro Group AGM will vote on the demerger on 6 February next year, at which the decision to separate the business requires a majority of three-quarters of the share capital of Metro AG represented at the meeting.
Metro Group announced its full year results yesterday.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.