Finnair Travel Retail to Sell Its Airport Shop Operations to World Duty Free Group
HELSINKI, Finland--(BUSINESS WIRE)--Regulatory News:
“This transaction is a part of Finnair's restructuring program in which Finnair aims to focus on its core airline business”
Finnair (HEX:FIA) subsidiary Finnair Travel Retail has signed an agreement on the sale of its shops at Helsinki Airport to World Duty Free Group. The transaction is expected to close in the fourth quarter of 2014.
The transaction will have a positive impact of approximately 13 million euros on Finnair's 2014 result before taxes. With the transaction, approximately 60 of Finnair Travel Retail's employees will transfer to World Duty Free Helsinki Ltd. as existing employees.
“This transaction is a part of Finnair's restructuring program in which Finnair aims to focus on its core airline business”, says Finnair's Chief Commercial Officer Allister Paterson. “World Duty Free is a global actor in the tax-free sales business, and airport sales are at the core of their business. We also believe World Duty Free Group offers a good home for the competent and experienced team transferring from Finnair. ”
Finnair Travel Retail Ltd. has operated the Finnair Tax-Free Shop and the Arrival Shop at Helsinki Airport. In addition, the company operates in-flight and pre-order sales on Finnair flights. Finnair Travel Retail employs approximately 70 employees in total. The transaction between Finnair Travel Retail and World Duty Free Group covers only the airport retail function.
In November 2013 World Duty Free Group signed a long-term agreement with Finavia to operate 11 stores at Helsinki Airport. World Duty Free Group has an extensive international experience from retail and tax-free sales in airports. The company operates in over 100 airports in 21 countries. The Group's parent company is listed on the Milan Stock Exchange.
NASDAQ OMX Helsinki
This information was brought to you by Cision http://news.cision.com