EANS-Adhoc: gategroup Takes Full Control of Indian Catering Venture
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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14.02.2012
ZURICH, Feb. 14, 2012 -- gategroup has exercised its call option with India
Hospitality Corp. (IHC) to acquire the remaining 26 percent of the Indian
airline catering company Skygourmet.
Exercising the option in 2012 will have no impact on the Group's income
statement since a liability had previously been recognized. The Company is
increasing its stake to provide maximum flexibility to run the business in India
as a fully owned and integrated business of gategroup.
"We appreciate IHC's support during the past 15 months to help familiarize us
with the Indian business environment, and we are eager to move forward in
developing this important asset," said gategroup CEO Andrew Gibson.
gategroup subsidiary Gate Gourmet entered a joint venture agreement with IHC in
November 2010. Skygourmet operates airline catering activities in Chennai,
Delhi, Hyderabad, Mumbai and Pune, while Gate Gourmet operates an airline
catering facility in Goa. Further expansion of the network is under development.
Additionally, Skygourmet and Travel Food Services (TFS), a leading Indian
provider of travel food and beverages, are finalizing a strategic partnership to
manage newly developing retail-on-board services for India-based airlines. "TFS
brings the local experience and expertise to augment what we bring from a global
platform," said Herman Anbeek, gategroup Chief Commercial Officer.
About gategroup:
gategroup is the leading independent global provider of onboard services to
companies that serve people on the move. gategroup comprises the following
brands: deSter, eGate Solutions, Gate Aviation, Gate Gourmet, Gate Safe,
Harmony, Performa, potmstudios, Pourshins and Supplair. Shares of Zurich-based
gategroup are traded on the SIX Swiss Exchange under the symbol GATE. Please
visit our website at http://www.gategroup.com.
SOURCE gategroup
Further inquiry note:
Media: Carol Reed, +41-43-812-9128, creed@gategroup.com or John Bronson,
+41-43-812-2048, jbronson@gategroup.com; Investor Relations: Dagmara Robinson,
+41-43-812-54-96, drobinson@gategroup.com
end of announcement euro adhoc
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issuer: gategroup Holding AG
Balz-Zimmermannstrasse 7
CH-8302 Kloten
phone: +41 43 812 54 96
FAX: +41 43 812 91 19
mail: invest@gategroup.com
WWW: http://www.gategroupmember.com/
sector: Consumer Goods
ISIN: CH0100185955
indexes:
stockmarkets: Hauptsegment: SIX Swiss Exchange
language: English