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Kuoni Travel The Kuoni Group is disposing of its travel offices in Austria. The 30 outlets currently operated by Reisebüro Kuoni GmbH and Restplatzbörse GmbH are to be taken over by the local management. The corresponding sale agreements were signed today, and the transaction should be formally concluded at the end of July. The disposal of these operations marks a further consistent step in the strategy of maintaining minimal vertical integration within the Kuoni Group. Kuoni currently operates 30 travel offices in the Austrian market under the Kuoni and Restplatzbörse brands. These outlets generated turnover (commissions received) of CHF 20.4 million last year. All these operations will now be acquired by the present management of Reisebüro Kuoni GmbH, which is domiciled in Vienna. The parties agreed not to divulge the purchase price involved. Sixteen of the outlets concerned bear the Kuoni name, which the new owners may continue to use.
"The sale of our Austrian travel offices is a further consistent step in our strategy of maintaining minimal vertical integration," says Max E. Katz, Group CFO and Spokesman for the Kuoni Group Executive Board. "We only operate our own travel offices in markets where we also have our own travel products. That is not the case in Austria."
The Kuoni Group will retain a presence in Austria: it will continue to maintain its own offices and operations in Vienna and Innsbruck in the destination management field.
For full documents please click attached links.
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LAURENCE BIENZ Head of Investor Relations Kuoni Travel Holding Ltd. Neue Hard 7 CH-8010 Zurich Phone +41 (0)44 277 4529 laurence.bienz@kuoni.com
