Tengelmann closes previous holding company and sets up another

The Tengelmann Group, which includes the German DIY market leader Obi, is realigning its holding as previously announced and closing down the operational business of the previous holding company (Tengelmann Warenhandelsgesellschaft KG). The new holding company Tengelmann Twenty-One KG will replace it, with a changed strategic and international orientation, according to the company. Since many of the operational responsibilities currently discharged by the holding company will be handled in future by the affiliated companies themselves, the new holding firm Tengelmann Twenty-One can be much leaner in terms of personnel, says a press release. In addition to the previous finance, tax and legal departments, new ones such as business development, investment management and talent development will be created. The internationalisation strategy already pursued in the past will be followed more closely.