PTT Oil and Retail Business Plc (OR) has acquired shares in a laundry business to further expand its non-oil services, including the provision of launderettes at its petrol stations.
OR has outlets ranging from Cafe Amazon coffeehouses and Ohkajhu organic restaurants to delivery services that comprise part of its plan to serve consumers at its petrol stations. To this line-up, the company is adding a laundry service as it increases lifestyle products and services under its "Beyond Fuel" concept.
OR, through its wholly-owned subsidiary Modulus Venture Co, bought a 40% share in the business valued at 1.1 billion baht from K-Nex Corporation, a retailer of laundry and dryer machines and a franchiser of laundry self-services under the "Otteri Wash & Dry" brand.
The investment will lead to an expansion of launderette branches, both at the company's petrol stations and outside of them, according to OR.
K-Nex operates 670 branches of Otteri Wash & Dry.
Jiraphon Kawswat, president and chief executive of OR, said the investment is in line with OR's plan to grow non-oil businesses at its more than 2,000 PTT stations.
She said the cooperation will pave the way for OR and K-Nex to expand their business overseas in the future.
OR's latest investment is part of the company's "Outside-In Growth" strategy, in which it looks for investment opportunities in new markets and seeks new business partners to jointly serve consumers who require products and services that satisfy their requirements.
Kavin Nitasnajarukul, chief executive of Otteri Wash & Dry Co, said partnering with OR would provide an opportunity to small and medium-sized enterprises (SMEs) to develop their businesses and grow together with OR.
OR announced earlier an inclusive growth concept to help startups and SMEs overcome hindrances and enjoy good business outcomes together.
Mr Kavin said K-Nex sees the potential to expand its laundry business to a wider area, including both petrol stations and overseas.
OR is also offering jobs to elderly and underprivileged people at some of its Cafe Amazon coffeehouses under the "Cafe Amazon for Chance" campaign.
K-Nex is also employing the elderly to serve customers at its launderettes, such as by helping them to fold their clothes.