Avis Europe plc Acquisition of Joint Venture Partner in Holland.Business Editors BRACKNELL, Berkshire--(BUSINESS WIRE)--January 17, 2000 Avis Europe plc ("Avis"), the leading car rental company in Europe, Africa, the Middle East and Asia, is pleased to announce the acquisition of the remaining 66.7% of its joint venture, International Car Rental (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ), in Holland, for euro 9.5m ((pound)5.9m) satisfied in cash. Avis previously held 33.3% of ICR, with the balance owned by Dutch conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. , Hagemeyer, through Automotive Group ARM - Stokvis B.V. With annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues of euro 23.6m ((pound)14.8m) and an average fleet of 2,000 cars, the acquisition will provide significant expansion of the Group's corporate presence in the Dutch car rental market. Avis is one of the leading car rental brands in Holland, with over 40 years of experience and a comprehensive network of 70 rental locations at all major business and tourist destinations A tourist destination is a city, town or other area the economy of which is dependent to a significant extent on the revenues accruing from tourism. It may contain one or more tourist attractions or visitor attractions and possibly some "tourist traps". . Ton Aupers will remain as Managing Director and together with his team will provide the continuity to maximize the potential of this well-established business market. Commenting on the acquisition, Chief Executive, Mark McCafferty, said: "This acquisition strengthens our ability to take advantage of further growth opportunities in Holland, both in the international arrivals' market and also in the domestic sector, which accounts for over 70% of the Dutch car rental market. It completes the corporate ownership of core European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. markets for Avis." Avis Europe plc rents cars under the Avis brand name to customers in 112 countries. Avis Europe's ordinary shares trade on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . Prices may be accessed on Bloomberg under the symbol AVE LN and Reuter Equities 3000 Service under AVE.L. Additional information is available on Avis Europe's internet site: www.avis-europe.com. |
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