Zaandam, The Netherlands, May 13, 2005 - Ahold today announced it has successfully completed the sale of its 50% interest in Bodegas Williams & Humbert, S.A. ("W&H" and formerly known as Luis Paez, S.A. ("Luis Paez")) to an entity controlled by the Medina family, that holds the remaining 50% stake in W&H. The transaction amount was not disclosed.
W&H is a winery based in the Spanish city of Jerez de la Frontera. The main focus of the business of this company is the production and distribution of beverages under several brand names. In 1979, Ahold became a 50% partner in Luis Paez. In 1995, Luis Paez obtained full ownership of Williams & Humbert, a prominent sherry bodega.
The divestment of Ahold's stake in W&H is part of the company's strategy to optimize its portfolio and to strengthen its financial position by reducing debt.