Kuoni to add another 3 bln sfr in turnover through acquisitions over next 3 yrs |
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Wed, 30 May 2007 11:03
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ZURICH (Thomson Financial) - Kuoni Reisen Holding plans to add another 3 bln sfr in turnover over the next three years, chief executive Armin Meier said in an interview with Swiss monthly magazine travelmanager.Meier also affirmed the company's annual organic growth rate of 6-8 pct.Kuoni recorded sales of 4.082 bln sfr last year, up from 3.688 bln the year before, with the tour operator adding a 290 mln to the total turnover by making acquisitions.The Swiss travel operator is looking at inbound and outbound specialist companies, and has not set geographical limits, eyeing acquisitions both in saturated European markets as well as East Europe and Asia, with a particular interest in Russia, he said.'In the outbound field (in Russia), beside a strong volume growth, the premium segment is also growing rapidly -- we want to participate and are examining an acquisition,' Meier said.He added that he hopes for market entry by the end of the year.TFN.Zurich@thomson.comsf/jrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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