MUNICH (dpa-AFX) - Trading and services group BayWa AG (BYWG) announced Friday plans to divest its Stuttgart, Germany-based wholly owned group company TESSOL Kraftstoffe, Mineralöle und Tankanlagen GmbH, which was transferred to BayWa in 2002 following the merger with WLZ Raiffeisen AG.
TESSOL's main area of focus is the conventional filling station business. A member of the AVIA alliance, it operates a network of around 150 filling stations, mainly in southern and eastern Germany.
The Group has started approaching potential investors regarding the sale of the subsidiary. 'The transaction is part of capital restructuring efforts within the company portfolio that are aimed at further expanding strategic business areas,' said Klaus Josef Lutz, BayWa's Chief Executive Officer.
The filling stations business unit, which is managed as part of the Energy business division of the parent company BayWa, will remain unaffected by this step and will continue to develop in line with the increasingly green focus of BayWa's business strategy that seeks to strengthen the link between business success and sustainability.
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