METRO AG sets up global sourcing HQ in Hong Kong

Germany's largest and one of the world's top four retailers, METRO AG, has set up its global sourcing headquarters in Hong Kong, covering all markets outside the European Union.

Mr Stefan Feuerstein, a member of the company's board of management, said today (September 30) Hong Kong offered ideal conditions with its long tradition as a trading and import location and its excellent strategic position at the centre of the important East Asian procurement markets.

METRO's Hong Kong operation, Gemex Trading Ltd, was integrated into the Group and will sign under the name of MGB METRO Group Buying Hong Kong Ltd from November 1. As METRO AG's sourcing headquarters, the new company will be responsible for all buying activities from Asia and non-EU countries.

"The Hong Kong office will further expand its important position as the interface of METRO's imports. Hong Kong is where the Centre of Competence for the imports of the METRO sales divisions from Asia and non-EU countries will in future be domiciled with over 400 employees," Mr Feuerstein said.

"In addition, regional offices have been set up in strategically important countries which report directly to the Hong Kong office. Worldwide, MGB Hong Kong has around 550 employees."

The Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Simon Galpin, met with Mr Feuerstein today.

Mr Galpin said METRO's investment reinforced Hong Kong's position as the trading and sourcing capital of Asia.

"Our excellent business infrastructure and convenient location enables overseas companies to co-ordinate their buying activities not only from China and Asia, but also from other parts of the world. Proximity to manufacturing bases in the Mainland is also an asset," he said.

METRO AG is a trading and retailing group with more than 2,300 locations in 27 countries. It employs more than 235,000 people and generated sales of almost EUR52 billion in 2002.

End/Tuesday, September 30, 2003