January 2024 at TIM SA: more difficult market situation, TIM joins the Würth Group
Preliminary estimates show that the revenue of TIM SA from net sales of goods and services directly related to the sales of goods amounted to more than PLN 104.1 million in January 2024 (+11% year-on-year). The end of the month brought the end of the tender offer for TIM shares, announced by a company from the international Würth Group.
The estimated online sales realised by TIM’ customers in July 2024 amounted to nearly PLN 73.2 million in January (+11% year-on-year).
‘In terms of sales, January 2024 is almost equal to the first month of 2022 (PLN 104.3 million). This decline is the result of a more difficult market situation and a relatively high base from January 2023 – so far, the strongest January in TIM’s history. The chances of an upturn in the following months are still uncertain. I think with greater optimism about the second half of the year’, says Krzysztof Folta, President of the Management Board of TIM SA.
On 31 January 2024, the transaction of purchase of TIM SA shares by FEGA & Schmitt Elektrogroßhandel GmbH, part of the Würth Group – a world leader in the development, production and sale of assembly and fastening materials, was settled. As a result of the tender offer (the first one was not successful due to the ongoing concentration proceedings of the Office of Competition and Consumer Protection), FEGA & Schmitt Elektrogroßhandel GmbH acquired 96.28% of TIM shares.
As a result, the TIM Capital Group, which consists of TIM SA and the logistics company 3LP SA, joins the Würth Electrical Wholesale Group business line, which is one of the leaders in the wholesale of electrical materials on the European market. Both entities forming the TIM Group shall continue to operate under their current names as independent companies.
‘I am pleased with such a wide response from shareholders who took advantage of the very attractive offer. I also treat it as an expression of confidence in the prospects for further development of TIM. I am convinced that joining forces with the Würth Group creates very attractive prospects for all our stakeholders. Both companies that currently constitute the TIM Group maintain their integrity and provide all their employees with excellent prospects for the future. The history of TIM’s successes will continue’, sums up Krzysztof Folta.
See current report no. 7/2024 >>