Hagemeyer hit by unrest

Hagemeyer hit by unrest

AMSTERDAM (Reuters): An Indonesian warehouse used by a unit of Dutch trading company Hagemeyer lost its entire stock in rioting last weekend, the firm said yesterday. It gave no value for the goods destroyed.

Hagemeyer said the goods, which were fully insured, were destroyed by fire. There was no loss of life.

Hagemeyer is active in Indonesia through its Tech Pacific unit. The group employs 135 people in Indonesia generating an annual turnover of 50 million guilders.

"The results of the Indonesian operations do not materially impact on Hagemeyer's 1998 financial performance," Hagemeyer said in a statement.

The inventory went up in smoke after fire from an adjoining commercial building spread to the Tech Pacific premises, Hagemeyer said. It gave no details of the value of the goods.