Metro International S.A. ("Metro International"), the world's largest
international newspaper, announces its planned relocation of its
London offices to Stockholm latest by the end of 2009.
Whilst Metro International's headquarters are based in Luxembourg, a
number of its employees are located throughout the World. Metro
International's London office includes such functions as parts of
senior management, sales, editorial, marketing, finance and IT. It is
envisaged that Metro International's Global Sales Team and the Global
Editorial Department will remain in London. Approximately 35
employees will be affected by the move.
The estimated costs of this relocation are approximately ? 0.5
million and will affect the 2009 accounts. The annual savings from
the relocation will be approximately ? 2.0 million which will be
realized in 2010.
Per Mikael Jensen, President and CEO, said: "During Metro's growth
period particularly in Europe we have benefited from being located in
a media capital such as London. As our business has entered into a
more mature state our needs have changed and we have therefore
concluded that some of our London functions would profit from being
closer to both an operating unit as well as our financial market. We
are looking forward to establishing a greater presence in the city in
which Metro was conceived in 1995 and where the free daily newspaper
concept was pioneered."
For further information please contact:
Per Mikael Jensen, CEO and tel: +44 (0)20 7016
President 1300
Anders Kronborg, CFO tel: +44 (0)20 7016
1300
***
ABOUT METRO INTERNATIONAL AND METRO
Metro is the largest international newspaper in the world. Metro is
published in over 150 major cities in 20 countries across Europe,
North & South America and Asia. Metro has a unique global reach -
attracting a young, active, well-educated Metropolitan audience of
over 20 million daily readers. Metro's advertising sales have grown
at a compound annual rate of 38% since the launch of the first
edition in 1995.
Metro International 'A' and 'B' shares are listed on the OMX Nordic
Exchange's Nordic List under the symbols MTRO SBD A and MTRO SBD B.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
http://hugin.info/132142/R/1281168/286412.pdf
Copyright © Hugin AS 2009. All rights reserved.
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