CMS Distribution acquired a minority stake in Newgen as part of its acquisition of fellow distributor Widget earlier this year. That stake has now been increased to over 50 per cent, making Newgen a subsidiary of CMS Distribution Ltd.
Frank Salmon, CEO of CMS Distribution said “We are delighted to increase our involvement with the Scandinavian markets. CMS wants to become a significant player in continental Europe, opening up more opportunities for our suppliers and offering the benefits of scale to our customers.”
”The merger will help us continue our aggressive growth in the region and integrates Newgen into a bigger group,” added Axel Diurson, COO, Newgen Distribution AG.
Newgen will be managed separately from CMS Distribution BV, the group’s 100 per cent owned subsidiary in continental Europe, which is based in Eindhoven, Netherlands.
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