NICE!
Stewart Ent. Continues European Expansion With Entry Into France
NEW ORLEANS--(BUSINESS WIRE)--May 12, 1998--Stewart Enterprises, Inc. (NASDAQ NMS:STEI - news) today announced that the Company has expanded its European operations with its initial acquisition in France of 36 funeral facilities and one crematory.
The Company has acquired the Parthenos Group, which operates principally under the name of PLM Services Funeraires, the largest private funeral firm in France. Located primarily in Paris and its suburbs, PLM serves nearly 5,000 families annually.
''This prestigious funeral business makes an excellent addition to the Stewart Enterprises family of companies,'' said Joseph P. Henican, III, vice chairman and chief executive officer of Stewart Enterprises, Inc., adding, ''Our company has been warmly received by professionals in the death care industry abroad and we are excited about the opportunities that await us in France.'' Stewart entered Europe in April 1997 with acquisitions in Spain and subsequently acquired businesses in Portugal and the Netherlands.
''We are pleased that PLM owner Bernard Fontaine has joined Stewart and will manage our operations in France,'' said William E. Rowe, president and chief operating officer of Stewart Enterprises, Inc. ''Bernard's father founded the family business in 1936 and Bernard has been instrumental in its growth. Having recently served as president of both the French and European funeral associations, he brings invaluable experience to our company.''
Founded in 1910, Stewart Enterprises, Inc. is the third largest provider of products and services in the death care industry in North America, currently owning and operating 484 funeral homes and 132 cemeteries in North America, Europe, the Pacific Rim and South America. |
