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Finnair Oyj — M&A Activity 2010
Oct 13, 2010
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M&A Activity
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FINNAIR GROUP TRAVEL AGENCIES' LEISURE TRAVEL OPERATIONS TO MERGE
FINNAIR GROUP TRAVEL AGENCIES' LEISURE TRAVEL OPERATIONS TO MERGE
FINNAIR PLC STOCK EXCHANGE RELEASE 13.10.2010 AT 9:00
The leisure travel services of the travel agency companies Matkatoimisto Area
and Finland Travel Bureau (FTB) are planned to be merged into
Aurinkomatkat-Suntours as a distinct Independent Travel business area. After
the merger, Aurinkomatkat would have, in euro terms, around 40% share of
Finland's package tour market and a third of entire leisure travel market.
The range of products and services would in future include flight tickets,
flight and hotel packages, package tours, tailored itineraries, theme tours,
cruises and spa holidays, and also group travel. On completion, the merger will
improve customer service and thereby achieve significant synergy benefits.
Aurinkomatkat and FTB sales offices can be merged and telephone services
arranged into joint service centres. Expertise can be combined in internet
customer support, content development, technology, production and support
functions.
The planned change will involve statutory employer-employee (YT) negotiations
under the Act on Cooperation Within Undertakings in Aurinkomatkat's Finnish
operations and in travel agencies' leisure travel functions, which employ a
total of around 250 people. The intention is to implement the transfer of
business and complete YT negotiations by the end of the year. Personnel will
transfer to the service of Aurinkomatkat under their existing terms of
employment.
The total turnover of the Aurinkomatkat Group and Area's and FTB's leisure
operations is approximately EUR 300 million. They employ around 470 people, of
whom more than 200 work abroad.
Finnair Plc
Communications
Taneli Hassinen
VP, Financial Communications and Investor Relations
tel. +358 9 818 4976
[email protected]
Further information:
Managing Director Jukka Salama, Aurinkomatkat-Suntours, tel. +358 50 390 3030
Commercial Director Tuomo Meretniemi, Aurinkomatkat-Suntours,
tel. +358 50 390 3050