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Kuoni Travel (SWF:KUNN) Kuoni is further expanding its destination management division: the Kuoni Group is to acquire the business activities of Australian Tours Management Pty Ltd., which is domiciled in Melbourne. The transaction will be formally effected on 1 November 2008. Australian Tours Management is active on behalf of foreign tour operators in Australia's destination management market. The new addition to the Kuoni Group extends its destination management presence and activities to Australia, too.
Australian Tours Management (ATM) was founded in Melbourne in 1983. The company has further representations in Sydney, at the Gold Coast and in Taipei, Taiwan. For the 2007/08 business year which ended on 30 June 2008, ATM generated total turnover of CHF 21 million. The company's 31 employees will be retained, and the present management team will remain responsible for ATM's continued positive development. The parties agreed not to divulge the purchase price involved. Within the Kuoni Group, the business activities of ATM will be transferred to a new company and integrated into Strategic Business Division Destinations. The Australian Tours Management brand will be retained.
ATM is a specialist in leisure and special travel arrangements and in incentive travel and events within Australia, and is strongly positioned in the Indian and Far East source markets. "Australian Tours Management ideally complements our activities in Asia," says Rolf Schafroth, Head of Strategic Business Division Destinations. "We see significant growth potential in Australia in the medium term, especially for travellers from Asian countries."
This latest acquisition marks a further consistent step in Kuoni's growth strategy. "With the addition of Australian Tours Management, the Kuoni Group is now present with its own companies on all continents," adds Max E. Katz, CFO and speaker of the Group Executive Board. "This will provide us with a key competitive edge, especially given the global nature of today's destination management business."
For full documents please see attached links.
For further information: _________________________________________
Laurence Bienz Head Investor Relations Kuoni Travel Holding Ltd. T +41 44 277 4529 laurence.bienz@kuoni.com
