World Library  
Flag as Inappropriate
Email this Article
 

TUI Group

TUI Group
Formerly called
Preussag AG (1923-2002)
Aktiengesellschaft
Traded as FWB: TUI1
LSE: AG TUI AG
Industry Hospitality, Tourism
Founded 1923 (1923)
Headquarters Hannover, Germany
Area served
Global
Key people
Friedrich Joussen
(Co-CEO)
Peter Long
(Co-CEO)[1]
Products Charter and scheduled passenger airlines, package holidays, cruise lines, hotels and resorts
Services Travel agencies
Revenue €18.715 billion (2014)[2]
€505.6 million (2014)[2]
Profit €283.9 million (2014)[2]
Number of employees
77,000 (2014)
Website .com.tuigroupwww

TUI Group (German: TUI (Touristik Union International) Aktiengesellschaft) is a multinational travel and tourism company headquartered in Hannover, Germany.[3] It is the largest leisure, travel and tourism company in the world,[4] and owns travel agencies, hotels, airlines, cruise ships and retail stores. The group owns six European airlines - the largest holiday fleet in Europe - and UK-based tour operator Thomson.

TUI is jointly listed on the Frankfurt Stock Exchange and the London Stock Exchange as a constituent of the FTSE 100 Index.

Contents

  • History 1
  • Operations 2
    • Tour operators 2.1
    • Airlines 2.2
    • Cruise lines 2.3
  • Sponsorship 3
  • References 4
  • External links 5

History

The origins of the company lie in the industrial and transportation company, Preussag AG, which was formed in 1923. Following its acquisition of Hapag-Lloyd together with its 30% shareholding in Touristik Union International (‘TUI’) in 1998, Preussag decided to reinvent itself as a tourism, shipping, and logistics company. Its logistics activities, concentrated in the shipping sector, were kept separate and bundled within Hapag-Lloyd AG. A majority stake in Hapag-Lloyd was sold to the Albert Ballin consortium of investors in March 2009[5] and a further stake was sold to Ballin in February 2012, as TUI worked to exit from the shipping business and to optimize its tourism business with expansion in Russia, China and India.[6]

TUI announced a merger of its travel division with the British tour operatorFirst Choice in March 2007,[7] which was approved by the European Commission on 4 June 2007, on the condition that the merged company sell Budget Travel in Ireland.[8] TUI held a 55% stake in the new company, TUI Travel PLC, which began operations in September 2007.[9]

In June 2014 the company announced it would fully merge with TUI Travel to create a united group with a value of $9.7 billion.[10] The merger was completed on 17 December 2014 and the combined business began trading on the Frankfurt and London stock exchanges.[11]

Operations

The TUI logo was introduced in 2002.
TUI head office in Hannover

The new TUI Group has:[12]

  • Some 77,000 employees in 130 countries
  • 1,800 travel agencies
  • 6 airlines with 130 aircraft
  • 300 hotels and resorts

Tour operators

Airlines

TUI Group owns six European airlines, inherited from TUI Travel, making it the largest tourism group in Europe. The group airlines operate both scheduled and charter flights to more than 150 destinations worldwide departing from more than 60 airports in 9 European countries.

TUI Airlines carries millions of holiday travellers and business passengers every year. In 2005 it had a passenger volume of 25 million and employed more than 8,200 people.

Cruise lines

Sponsorship

TUI sponsored Bundesliga club Hannover 96. The airline branch TUIfly's main hub is at Hannover-Langenhagen Airport and it had sponsored the football team since the 2002-2003 season. On 31 March 2011, TUI announced Hannover 96 would be playing "with a smile on their chest" for another 3 years, as it extended the sponsorship contract. The current sponsor contract ran out, but it made TUI the longest running association with any of the 18 Bundesliga teams, with 12 years as the sponsor. As part of the sponsorship TUI was the shirt sponsor, as well as having had advertisements on the perimeter fencing of the AWD-Arena, Hannover's home stadium. There was also advertising in the stadium, on the billboards by the pitch and banners around the stadium, and TUI will also remain the sponsor of the Hannover 96 Soccer School.[13]

References

  1. ^ "Formation of Group Executive Committee for new TUI Group". TUI Group. 15 December 2014. Retrieved 17 December 2014. 
  2. ^ a b c "Annual Report 2013/14" (PDF). TUI Group. Retrieved 21 March 2015. 
  3. ^ "Contact TUI Group." TUI AG. Retrieved on 29 May 2009.
  4. ^ "TUI forges World’s biggest tourism operator." TUI AG. Retrieved on 29 October 2014.
  5. ^ Kuehnen, Eva (23 March 2009). "TUI AG completes sale of Hapag-Lloyd unit".  
  6. ^ "TUI AG set to agree Hapag-Lloyd deal this week". 12 February 2012. 
  7. ^ "First Choice to tie up with TUI". BBC News. 19 March 2007. Retrieved 24 June 2013. 
  8. ^ "First Choice-TUI merger cleared". BBC News. 4 June 2007. Retrieved 24 June 2013. 
  9. ^ Simon Lambert (28 September 2007). "Tui and First Choice to merge". This is Money. Retrieved 24 June 2013. 
  10. ^ "Tui Travel agrees to merger with German majority stakeholder". International Travel News. Retrieved 17 December 2014. 
  11. ^ Young, Sarah (17 December 2014). "TUI Travel, TUI AG merger completes". Reuters. Retrieved 17 December 2014. 
  12. ^ "The World’s number one integrated tourism business – New TUI Group begins trading on the stock exchange". 17 December 2014. Retrieved 17 December 2014. 
  13. ^ "TUI extends contract as main sponsor of Hannover 96".  

External links

  • Official website


This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from Hawaii eBook Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.