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Wal-Mart Puerto Rico Announces Acquisition of Supermercados Amigo
February 6, 2002
SAN JUAN, Puerto Rico -- Wal-Mart Puerto Rico, announced today that it has acquired Supermercados Amigo, the number one supermarket chain in Puerto Rico. Supermercados Amigo's 35 supermarkets and its more than 4,500 store employees will join Wal-Mart's Puerto Rican operation to further extend the company's every day low price philosophy to new locations around the Island, according to Bill Cahill, President of Wal- Mart Puerto Rico.
"This is an exciting development for retail consumers in Puerto Rico and for the associates of both companies," Cahill said. "The acquisition represents a good culture fit as both companies share the common core beliefs of respect for the individual, striving to improve every day, and treating the customer as the boss. We also both strive to improve the standard of living for the people of Puerto Rico by providing high quality products at low every day prices."
Added Jose Revuelta, President of Supermercados Amigo, "At Supermercados Amigo, we are pleased to join Wal-Mart and its successful divisions: Sam's Club, Wal-Mart stores and Wal-Mart Supercenter. We are proud of the good reputation our people have earned in Puerto Rico, and our track record of serving customers. At the same time, the prospect of joining the worldwide Wal-Mart family and of sharing the talent and best practices of both organizations are compelling opportunities for our customers, our people, our suppliers and our business."
Founded in 1966, the Amigo supermarkets will continue to operate under the Amigo brand name and its operations will continue to be managed by Revuelta, who has successfully led the company for the last two years. Revuelta also will become Chief Operating Officer of Wal-Mart Puerto Rico and will lead the company's Food Division.
With this acquisition, Wal-Mart Puerto Rico will become one of the leading employers on the Island with more than 10,000 associates and a payroll of more than $135 million annually.
The acquisition further underscores Wal-Mart's long-term commitment to the Puerto Rican market, Cahill said, adding that Wal-Mart already has plans to invest more than $400 million in Puerto Rico in the next five years.
"As both companies continue to grow together, we will reach more consumers, source more merchandise from local suppliers, and create more jobs throughout the Island," Cahill said.
The transaction will be completed as soon as the final consent is given by the pertinent government authorities. If approved, Wal-Mart Puerto Rico will operate 52 units on the island, including nine Wal-Mart stores, one Wal-Mart Supercenter, seven Sam's Clubs and thirty-five Amigo supermarkets.
As of January 31, 2002, the company operates more than 2,700 discount stores, Supercenters and Neighborhood Markets, and more than 490 SAM'S Clubs in the United States. Internationally, the company operates units in Argentina (11), Brazil (22), Canada (196), China (19), Germany (95), Korea (9), Mexico (551), Puerto Rico (17) and United Kingdom (250). Wal-Mart employs more than 1,080,000 associates in the United States and 303,000 internationally. Its securities are listed on the New York and Pacific stock exchanges.