May 2, 2018 / 6:11 AM / in 6 months

BRIEF-Ica Gruppen signs agreement with Ocado on new e-commerce solution

May 2 (Reuters) - ICA Gruppen AB:

* SIGNS AGREEMENT WITH OCADO ON NEW E-COMMERCE SOLUTION

* SAYS WILL USE COMPANY’S E-COMMERCE PLATFORM AND TECHNOLOGY FOR HIGHLY AUTOMATED E-COMMERCE PICKING WAREHOUSES

* SAYS DURING YEARS 2018-2022 ICA SWEDEN WILL BE INVESTING APPROXIMATELY SEK 600 MILLION IN A FULLY AUTOMATED E-COMMERCE SOLUTION, INCLUDING BRITISH E-COMMERCE COMPANY OCADO’S TECHNOLOGY AND E-COMMERCE PLATFORM DESIGNED SPECIFICALLY FOR GROCERY PRODUCTS

* SAYS IN 2018 THIS INVESTMENT WILL AMOUNT TO APPROXIMATELY SEK 200 MILLION

* SAYS PROJECT WILL INVOLVE INVESTMENTS IN ICA REAL ESTATE OF APPROXIMATELY SEK 500 MILLION

* SAYS DURING 2021 ICA SWEDEN WILL SWITCH TO OCADO’S E-COMMERCE PLATFORM AND WILL BUILD A NEW, HIGHLY AUTOMATED E-COMMERCE WAREHOUSE IN STOCKHOLM AREA, WHICH IS EXPECTED TO BE FINISHED IN 2022

* SAYS CHANGEOVER TO A NEW E-COMMERCE PLATFORM WILL GIVE RISE TO AN IMPAIRMENT LOSS FOR ICA’S CURRENT E-COMMERCE PLATFORM

* SAYS IMPAIRMENT LOSS OF APPROXIMATELY SEK 80 MILLION WILL BE CHARGED AGAINST ICA GRUPPEN’S NET PROFIT FOR Q2 OF 2018 Source text for Eikon: Further company coverage: (Stockholm Newsroom)

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