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Dairy Farm's
core strategy is
to focus on
international
food retailing
and drugstore
operations.
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Press Releases Back to the Press Releases Main Page
DAIRY FARM AND ERNST & YOUNG Hong Kong, 4th March 1999 - Dairy Farm and Ernst & Young today announced the formation of a joint venture to provide financial, accounting and other supporting services to Dairy Farm's Hong Kong-based retail business units, including Wellcome, Mannings and 7-Eleven. The new company, OneResource Group, will be based in Hong Kong and formed by about 200 employees transferred from Dairy Farm. In addition, a small number of executives from Ernst & Young will join OneResource Group. Andrew Shepherd, Dairy Farm Hong Kong's Finance Director, will serve as Chief Executive Officer of OneResource Group and William Frech of Ernst & Young, has been appointed Chief Operating Officer. Bob Neslund, Dairy Farm's Regional Director, North Asia, said, "In these difficult economic times and with the competitive challenges we face, in addition to building revenues, we must seek out and take advantage of every opportunity to achieve greater effectiveness, improved efficiency and lower costs throughout our business. "This agreement brings together in one organisation the separate finance groups that supported our three largest Hong Kong-based businesses. In partnering with Ernst & Young, we can immediately tap into their considerable experience and recognised competency in strengthening functional effectiveness while gaining their help in realising the strong customer focus that is critical to shared services organisations," continued Mr. Neslund. "The benefits of our initiatives will be achieved more rapidly and more completely by leveraging the strengths of both organisations and allowing both parties to share in the results. Over the longer term we look to this partnership to be a key factor supporting our strategic growth plan," added Mr. Neslund. Denny Seese, Managing Director of E&Y's Global Operate Unit, said, "We are very pleased to join with Dairy Farm in OneResource Group. Dairy Farm has a long history of business success on the international retailing scene and we believe the benefits of OneResource Group will only add to their continued growth. E&Y has made a major commitment to build the 'operate' aspect of its business." "This is the first such arrangement for E&Y in Asia and complements our joint venture enterprises elsewhere. We anticipate continued growth in Hong Kong through the development of OneResource Group's business as well as growth throughout the world in other joint venture operate entities as more companies realise the significant benefits of partnering with E&Y to set up and operate support service businesses," explained Mr. Seese. Issued by Forrest International Limited on behalf of Dairy Farm. For further information, please contact: OneResource Group
Forrest International
E&Y International
This announcement can be accessed through the Internet at
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