BUEHRMANN-TETTERODE PLANS FURTHER EXPANSION
Dutch paper, packaging and graphical
equipment group Buehrmann-Tetterode NV <BVTN.AS> said its
policy in this and coming years will be aimed at further
expansion by autonomous growth and takeovers at home and
abroad.
    In the statement on its official results for 1986 it also
confirmed provisional results given on March 2, stating a 1986
net profit of 93.2 mln guilders against 57.3 mln in 1985.
Turnover rose by 4.4 pct to 3.25 billon guilders.
    Net profit per share, corrected for a share issue and stock
split, was 3.92 guilders in 1986 against 3.28, and dividend
1.55 guilders per nominal five guilder share against 1.30
guilders.
    Buehrmann-Tetterode said its international expansion will
be aimed at the United States in particular, adding that the
company was pursuing wider geographical spread of assets and
profits.
    Joint-ventures might in some cases be preferable to
starting new activities on their own, the statement said.
    The firm said its financial position enables it to achieve
its goals and it has confidence for 1987.
    Buehrmann's board chairman, Adriaan Overwater, told
reporters he expected 1987 turnover to grow more rapidly than
in 1986 when net sales posted only a 4.4 pct rise to 3.4
billion guilders while profits were up 63 pct to 93.2 mln.
    He said 1986 profits surged mainly after acquisitions and
reorganisations aimed at reducing costs and solving operational
problems, such as unsatisfactory management in the firm's
stationary, office equipment and leisure articles division.
    Overwater said he was optimistic about 1987 prospects but
said he would await first quarter results before quantifying
growth expectations.
 REUTER
