The aviation conglomerate, Swissair, plans to sell its 50 per cent stake in the joint venture, FutureLog, to Mövenpick. Swissair and Mövenpick set up FutureLog to combine their purchasing power when buying supplies for their subsidiaries.This content was published on September 10, 2001 - 17:43
"Swissair approached us and offered us its stake in the joint venture. We will acquire the stake at the end of the year," said Mövenpick spokeswoman, Lilly Frei. No financial details of the transaction have been released.
Frei said dissolving the joint venture would not create any adverse conditions for purchasing and that existing contracts would continue until the end of the year.
The deal had meant up to SFr14 million worth of savings for Mövenpick, but many analysts expect the company to be unable to continue alone to negotiate improved purchasing contracts.
swissinfo with agencies
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