BERLIN (AP) — German airline Lufthansa said Wednesday that it has agreed to sell the remainder of its catering business to European private equity group Aurelius for an undisclosed sum.
Lufthansa said selling the rest of its LSG Group business, which follows the sale of European LSG Sky Chefs activities to Gategroup in 2019, is part of its strategy to focus more on its core airline activities.
The sale involves “all classic catering, onboard retail and food commerce activities and brands” of the LSG Group, plus all 131 LSG Sky Chefs customer service centers in the U.S., Latin America, Asia-Pacific and emerging markets; Europe-based onboard retail unit Retail InMotion and SCIS Air Security Services in the U.S., Lufthansa said in a statement.
LSG Group has about 19,000 employees and 36 joint ventures worldwide.
Lufthansa chief financial officer Remco Steenbergen said the deal “enables us to focus even more on further improving the profitability and capital returns of the Lufthansa Group core business.”
The transaction is expected to close in this year's third quarter.
Before you consider RLI, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and RLI wasn't on the list.
While RLI currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
