Finnair’s catering operations not to be sold to LSG Sky Chefs
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Finnair’s catering operations will not be sold to LSG Sky Chefs, as previously announced.
The companies signed a Memorandum of Understanding about the deal March 12, 2012. The acquisition was subject to the approval of Lufthansa Board of Directors and it was expected to be closed by the end of first half of 2012. The Lufthansa Board decided not to approve LSG Sky Chef's acquisition plans due to an investment freeze at Lufthansa.
"LSG Sky Chefs has informed us that due to investment freeze the Lufthansa Board has not approved their acquisition of our catering businesses," says Anssi Komulainen, Senior Vice President of Customer Service at Finnair. "This is naturally a disappointment both to LSG Sky Chefs and to us as we had worked hard to make the co-operation work for the benefit of both parties."
“We will now focus on improving the productivity of the Finnair catering businesses," Komulainen continues. "We believe there is a lot we can do to achieve better profitability and improve the customer experience. At the same time, we will continue to evaluate other arrangement alternatives."
Finnair is a client of LSG Sky Chef in many other airports and this customer relationship will continue.
In 2011, the Finnair catering business in question had net sales of appr. 80 million euro. Today's news does not impact the company's announced cost saving targets or timing. The target of Finnair's cost saving program is to decrease the annual costs of Finnair by 140 million euros by 2014.
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