Ocado, ICA ink partnership deal
Thursday, 3 May 2018
LONDON, May 2 (Reuters): Ocado, the British online grocer and technology company, has signed a partnership deal with Sweden's ICA Group to develop its online business, it said on Wednesday.
Potential deals with overseas grocers are seen as the key influence on Ocado's stock market valuation. It has already bagged deals with France's Casino and Canada's Sobeys. ICA is Sweden's market leader with around 1,300 stores and a share of around 36 per cent.
ICA and Ocado will together develop ICA's first Customer Fulfilment Centre (CFC) in the Stockholm area. The build is expected to take approximately three years. CFCs elsewhere in Sweden will also be considered.