Amplifon increases its stake in Amplifon Poland from 49% to 63% and lays the foundation for reinforcing its position in the Polish market
Today Amplifon, worldwide leader in the distribution and fitting of hearing solutions, announced that in the first quarter its interest in Amplifon Poland Sp.z o.o. was increased from 49% to 58% and an additional capital increase was subscribed as a result of which Amplifon will hold 63% of the Company’s share capital.
The purpose of the transaction, which will not have a significant impact on the Company’s Net Financial Position, is to further develop the business in Poland, where the Company currently operates through a network of 14 stores and shop in shops, with a medium term target of 50 points of sale.
“Just a little more than a year after our entry into the Polish market – Franco Moscetti, the Amplifon Group’s Chief Executive Officer stated – the experience matured and the vision we share with our partners allow us to look with renewed optimism at this market where we have ambitious objectives for growth and where we will strive to quickly become one of the main players. Poland is, thus, confirmed an integral part of our Group’s growth and internationalization strategy which tends to favor the most significant markets with the greatest development potential.”
The sixth largest economy in Europe and twenty-first in the world, Poland has a highly fragmented hearing solutions market (approximately 100,000 hearing aids were sold in 2013 with growth of more than 10%) and represents an interesting opportunity for a player that uses an advanced medical/retail business model.