Preussag
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Formerly called
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Preussag AG (1923-2002) |
|---|---|
| Aktiengesellschaft | |
| Traded as | : TUI1 : |
| Industry | Hospitality, Tourism |
| Founded | 1923 |
| Headquarters | Hannover, Germany |
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Area served
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Global |
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Key people
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Friedrich Joussen (CEO) |
| Products | Charter and scheduled passenger airlines, package holidays, cruise lines, hotels and resorts |
| Services | Travel agencies |
| Revenue | €17,184.6 million (2016) |
| €618.3 million (2016) | |
| Profit | €1,037.4 million (2016) |
|
Number of employees
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67,000 (2017) |
| Website | www |
TUI Group (German: TUI (Touristik Union International) Aktiengesellschaft) is a multinational travel and tourism company headquartered in Hanover, Germany. It is the largest leisure, travel and tourism company in the world, and owns travel agencies, hotels, airlines, cruise ships and retail stores. The group owns six European airlines - the largest holiday fleet in Europe - and nine tour operators based in Europe.
TUI is jointly listed on the and the as a constituent of the FTSE 100 Index.
The origins of the company lie in the industrial and transportation company, Preussag AG, which was originally formed as a German mining company. It was incorporated on 9 October 1923, as Preußische Bergwerks- und Hütten-Aktiengesellschaft (Prussian Mine and Foundry Company). In 1927 it was merged with the Ruhr coal company, Hibernia AG, and electricity utility to become the Vereinigte Elekrizitäts und Bergwerks AG (VEBA AG) (United Electrical and Mining Company).
With the sale of Salzgitter AG and purchase of the navigation and logistics company Hapag-Lloyd AG in 1997, Preussag AG became a global enterprise in the service and leisure industry. In addition the company acquired 25% of Thomas Cook shares in 1997, which it doubled the following year. On 2 February 1999, the Carlson Leisure Group merged with Thomas Cook into a holding company owned by the German bank, Westdeutsche Landesbank, Carlson Inc and Preussag. However, in mid-2000 Preussag acquired Thomas Cook's rival Thomson Travel and was forced to sell its majority 50.1% stake in Thomas Cook by regulatory authorities.
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 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.
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