CETECO HOLDING NV
Previous company name
Name change date
Ceteco Holding NV, with registered head office in Maarssen, the Netherlands, is a publicly quoted company which is engaged in the production and retail trade of home appliances and electronics. The company was established in July 1991. The company floated on the Amsterdam Stock Exchange in May 1994.
Ceteco Holding offers consumer durable products such as household appliances, and audio and video equipment. The company’s product range includes CD and DVD players; televisions; camcorders; HiFi and home cinema; air conditioner; breadmaker; dishwasher; clothes dryer; freezer and refrigerator; furnace, also known as a central heating boiler; stove, also known as range, cooker, oven, cooking plate, or cooktop; vacuum cleaner; water heater; washing machine; microwave oven, and small household appliances. Apart from electrical goods, Ceteco also retails furniture.
The company has a network of more than 370 stores, organized in national retail chain operation under the names La Curacao, Imgeve and Ventura. The company operates in Latin America, Mexico, Central America, the Caribbean region and Argentina.
One of the company’s business competitors is Grupo Elektra, S.A. de C.V., the Latin America’s largest specialty retailer and consumer finance company. It markets consumer electronic products, household appliances, and furniture through its Elektra and Salinas y Rocha stores and clothing through its THE ONE outlets. These products are also available through the Internet.
Description and history
Ceteco’s core activity is retailing of consumer durables in Latin America. The product range includes white goods (refrigerators, ovens and stoves, washing machines and air conditioners), consumer electronics (audio, video, computer and telecommunication equipment ), small household appliances and furniture. Ceteco operates in five distinct regions in Latin America, being Mexico, Central America, the Caribbean region, the Andean Pact countries and Argentina. Ceteco has a network of 379 stores, organized in national retail chain operating under names such as La Curacao, Imgeve and Ventura, which are well-established in their respective regions. The retail chains use a uniform retail formula based on modern marketing techniques adapted to the Latin America culture. Key features are a clearly recognizable retail identity and customer service. Extending consumer credit facilities is another important element of this formula, generating some 70% of the group?s retail sales. Ceteco also has wholesale operations in white goods, foodstuffs and pharmaceutical and photographic products. In addition, it participates in white goods manufacturing plants in El Salvador, Venezuela and Colombia, which provide significant support to the retail activities. Ceteco?s head office is located in Utrecht, the Netherlands. Its shares are listed on the AEX Stock Exchange in Amsterdam and have been placed with certain institutional investors in the United States in the form of ADRs under Rule 144A of the Securities Act 1933. Hagemeyer N.V., Naarden, the Netherlands, holds 66.4% of the shares. HISTORY: Ceteco’s origin lies in Handel- en Industrie Maatschappij Curacao, founded in 1890 in Amsterdam. In 1911, that company, which operated primarily in the Caribbean region, was renamed Curacaosche Handel-Maatschappij (‘Curacaosche’). During the following two decades, a series of mergers led to the creation of a large trading enterprise with activities in the import, export, wholesale, retail and service sectors and with offices in Amsterdam, Curacao, Surinam and Venezuela. Initially the activities were concentrated chiefly on tropical commodities such as coffee, cocoa and spices. In 1913, Curacaosche became listed on the Amsterdam Stock Exchange. After the Second World War, the retail and wholesale activities of Curacaosche in Latin America, which were focused primarily on consumer durables, increased sharply, and new retail outlets trading under the ‘La Curacao’ name were opened in El Salvador, Guatemala, the Dominican Republic, Honduras and Nicaragua. In the 1950’s, Curacaosche became the first company to introduce the concept of hire purchase (now referred to as consumer credit) in these countries, a move which enabled the company to become a market leader in Central America and the Caribbean, a position which Ceteco has retained to this day. The importance of prime ‘A-1’ locations for retail outlets was recognized early on and still gives Ceteco an advantage over its competition. In the 1960’s many Latin American countries adopted protective, including the imposition of high import duties on consumer durables. Curacaosche responded to this development by establishing its own manufacturing and assembly plants and increasingly distributed locally assembled branded products from European, American and Japanese manufacturers. Curacaosche also launched a number of its own brands during this period, among which the Regina and Cetron brands obtained excellent reputations in the local markets. In 1970, the name Curacaosche was changed to N.V. Handels- en Industrie-Maatschappij Ceteco. This company merged in 1987 with Van Ommeren N.V. into Van Ommeren Ceteco N.V. (VOC) and the stock exchange listing of the former Ceteco was terminated. In the early 1990’s VOC decided to divest its trading operations, including the former Ceteco organizations. The prosperous Durable Consumer Products activities in Latin America were grouped into a separate business unit and were subsequently contributed to a new company, established on July 25, 1991 with its headoffice in Utrecht, the Netherlands. This company inherited the well-established name Ceteco. On account of the changing economic situation in Latin America, retailing evolved into Ceteco’s core activity and manufacturing and wholesaling became important support and ancillary activities. In July 1992, former Dutch trading house Borsumij Wehry acquired Ceteco from VOC. In 1994 Ceteco increased its share capital through an initial public offering and became listed on the Amsterdam Stock Exchange. In 1995 Dutch trading house Hagemeyer took over Ceteco’s holding company Borsumij Wehry and now holds 66.4% of Ceteco’s shares. The formation of the new Ceteco and its initial public offering formed the starting point of Ceteco’s strong growth in recent years
The corporation was declared bankrupt in 2000. Its last subsidiary, Curacaosche Handel Maatschappij in Suriname, was sold in December 2000.
As of April 16 , 2010 ordinary shares issued by The Company has been delisted from Euronext Amsterdam.
Engaged in the production and retail trade of home appliances and electronics
MORET ERNST & YOUNG
US SIC Code
City province or state postal code
3605 LT, MAARSSEN
Phone: +31 346 581 900
Fax: +31 346 581 999
Country address: NETHERLANDS
Website url: www.ceteco.com