daz211
31st Aug 2006, 18:09
TUI Says It Will Merge Hapagfly, Hapag-Lloyd Express Airlines
Aug. 31 (Bloomberg) -- TUI AG, Europe's largest travel company and the owner of the Hapag-Lloyd AG shipping line, said it plans to merge the Hapagfly and Hapag-Lloyd Express airlines to reduce costs.
The company is also examining ``further strategic options'' in the German aviation market, the Hanover, Germany- based company said in an e-mailed statement today.
Chief Executive Officer Michael Frenzel aims to almost double tourism earnings in two years by reducing costs, opening hotels and expanding the Hapag-Lloyd Express and Thomsonfly low-cost airlines. TUI bought CP Ships for $2 billion to cut the dependence on seasonal tourism profit and create the world's fifth-largest shipper.
``In order to ensure that result targets in the tourism division are met, even though margins remain under pressure, further efficiency improvements are being realized,'' the company said in the statement.
Aug. 31 (Bloomberg) -- TUI AG, Europe's largest travel company and the owner of the Hapag-Lloyd AG shipping line, said it plans to merge the Hapagfly and Hapag-Lloyd Express airlines to reduce costs.
The company is also examining ``further strategic options'' in the German aviation market, the Hanover, Germany- based company said in an e-mailed statement today.
Chief Executive Officer Michael Frenzel aims to almost double tourism earnings in two years by reducing costs, opening hotels and expanding the Hapag-Lloyd Express and Thomsonfly low-cost airlines. TUI bought CP Ships for $2 billion to cut the dependence on seasonal tourism profit and create the world's fifth-largest shipper.
``In order to ensure that result targets in the tourism division are met, even though margins remain under pressure, further efficiency improvements are being realized,'' the company said in the statement.