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Mar 12 (newstodate): Taking one step further along the road towards a retreat to core business, Finnair has signed a Memorandum of Understanding with LSG Sky Chefs covering the sale of its catering operations.
The sale would comprise the entire share capital of Finnair Catering Ltd. and Finncatering Ltd, while Finnair would continue to buy its flight catering services from Finnair Catering Ltd., which transfers under LSG Sky Chefs ownership, pending the approval of the Lufthansa Board and the competition authority of Finland.
If approved, the deal is expected to be closed by the end of first half of 2012.
Finnair announced on August 5, 2011 that it targeted decreases in its annual costs of 140 million euros by 2014, and the divesting of the catering business is one part of this.
The sale would comprise the entire share capital of Finnair Catering Ltd. and Finncatering Ltd, while Finnair would continue to buy its flight catering services from Finnair Catering Ltd., which transfers under LSG Sky Chefs ownership, pending the approval of the Lufthansa Board and the competition authority of Finland.
If approved, the deal is expected to be closed by the end of first half of 2012.
Finnair announced on August 5, 2011 that it targeted decreases in its annual costs of 140 million euros by 2014, and the divesting of the catering business is one part of this.