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Finnish airline sells catering subsidiary

Finnair : 03 March, 2014  (Company News)
LSG has bought the 200 employee Finncatering air catering business from Finnair
Finnish airline sells catering subsidiary

Finnair has sold its subsidiary Finncatering Oy to LSG Lufthansa Service Europa/Afrika GmbH (LSG). The transaction is part of the partnership agreement announced on 1 August 2012, according to which LSG has an option to purchase Finncatering Oy and LSG Sky Chefs Finland Oy (formerly Finnair Catering Oy) shares. By acquiring Finncatering, LSG carries out the first phase of the option.

Finncatering designs, markets and provides catering, food and bakery products and related services. The company's customers include wholesale, retail and HoReCa companies as well as companies serving air and other passenger traffic. Finncatering’s take-away products are sold under company’s own GO! brand and as white label products.

Sales to non-airline customers have doubled in the past two years. Finncatering’s turnover in 2013 was approximately EUR 25 million. The company employs approximately 200 employees.

The transaction will not have a significant impact on Finnair's 2014 earnings.

”This transaction is a part of Finnair’s structural change and aims to focus on our core airline business. We are pleased that the buyer is familiar with Finncatering’s business thanks to the long-term co-operation. LSG has also excellent qualifications to develop and enhance Finncatering’s operations,” says Finnair CFO Erno Hilden.

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