Savipix
08-03-2005, 10:55
SAS Group sells East European segment of its EUROSHOP travel retail
business
SAS Trading AB, which is a wholly owned subsidiary of the SAS Group and
operates the travel retail chain EUROSHOP, has signed an agreement for
the sale of its East European subsidiaries in Poland, Latvia and Estonia
to Swedish-based Inflight Service Europe AB.
The East European activities comprise SAS Trading Polska, SAS Trading
Latvia and Scandinavian Travel Retail Eesti, which had combined total
sales of SEK 176 M and approximately 100 employees in 2004.
The East European travel retail business is a growing and profitable
market and the continued positive development of SAS Trading's East
European travel retail shops will be further strengthened by an owner
that has travel retail as its core business.
Inflight Service Europe is a Sweden-based company that provides
customers and travelers products, services and business solutions in the
Nordic travel retail market. The company holds a leading position in the
Nordic market, with retail customers at airports, on charter airlines
and on ferries. Inflight Service Europe's sales amounted to SEK 1.3
billion in 2004.
The agreement between the SAS Group and Inflight Service Europe is being
reviewed by the relevant competition authorities. Providing approval is
granted, the transaction will be concluded in spring 2005 with an
accounting effect from January 1, 2005.
Subject to the completion of the transaction, the remaining Scandinavian
Euroshop activities will be organized under the subsidiary SAS Business
Opportunities AB. This will be done with a view to increasing the
possibilities of generating synergies while maintaining the flexibility
for further development under SAS ownership and creating the conditions
to enable divestment of one or more of the activities in the future.
The transaction represents a capital gain, but will not have any
material effect on the SAS Group's earnings in 2005.
For more information, please contact:
Patric Sjöberg, President SAS Trading Telephone: +46 70 997 2506
Michael Brag, Chairman of SAS Trading AB Telephone: +46 70 997 2128
Peter Candell, President Inflight Services Europe AB Telephone: +46 70
674 12 44
Mats Hanzon, Chairman of Inflight Service Europe AB, Telephone: +46 70
579 6677
SAS Group Corporate Communications
business
SAS Trading AB, which is a wholly owned subsidiary of the SAS Group and
operates the travel retail chain EUROSHOP, has signed an agreement for
the sale of its East European subsidiaries in Poland, Latvia and Estonia
to Swedish-based Inflight Service Europe AB.
The East European activities comprise SAS Trading Polska, SAS Trading
Latvia and Scandinavian Travel Retail Eesti, which had combined total
sales of SEK 176 M and approximately 100 employees in 2004.
The East European travel retail business is a growing and profitable
market and the continued positive development of SAS Trading's East
European travel retail shops will be further strengthened by an owner
that has travel retail as its core business.
Inflight Service Europe is a Sweden-based company that provides
customers and travelers products, services and business solutions in the
Nordic travel retail market. The company holds a leading position in the
Nordic market, with retail customers at airports, on charter airlines
and on ferries. Inflight Service Europe's sales amounted to SEK 1.3
billion in 2004.
The agreement between the SAS Group and Inflight Service Europe is being
reviewed by the relevant competition authorities. Providing approval is
granted, the transaction will be concluded in spring 2005 with an
accounting effect from January 1, 2005.
Subject to the completion of the transaction, the remaining Scandinavian
Euroshop activities will be organized under the subsidiary SAS Business
Opportunities AB. This will be done with a view to increasing the
possibilities of generating synergies while maintaining the flexibility
for further development under SAS ownership and creating the conditions
to enable divestment of one or more of the activities in the future.
The transaction represents a capital gain, but will not have any
material effect on the SAS Group's earnings in 2005.
For more information, please contact:
Patric Sjöberg, President SAS Trading Telephone: +46 70 997 2506
Michael Brag, Chairman of SAS Trading AB Telephone: +46 70 997 2128
Peter Candell, President Inflight Services Europe AB Telephone: +46 70
674 12 44
Mats Hanzon, Chairman of Inflight Service Europe AB, Telephone: +46 70
579 6677
SAS Group Corporate Communications