LSG Sky Chefs Finalizes Asiana Catering Deal
After approval from all relevant parties, LSG Sky Chefs and Asiana Airlines have finalized the purchase agreement of Asianas catering division to LSG Sky Chefs today. Under the agreement, LSG Sky Chefs will hold 80 % in the new company and Asiana Airlines will hold 20 %. Prior to this event, the two parties had formed an agreement to establish a new company name, LSG Sky Chefs Korea. Closing will take place after final approval by the antitrust authorities.
Asiana Airlines started its catering division in 1994 and built the current location at Seoul Incheon Airport in 2001. Today it prepares 13,000 meals daily not only for Asiana Airlines, but also for 14 other foreign airlines.
Seoul is one of the most important strategic locations in the Asia/Pacific area with continuously growing passenger volumes. This agreement marks LSG Sky Chefs market entry in Korea and the operation will serve as a basis for further expansion in Northeast Asia.
This deal is a clear win-win situation, said Hanns R. Rech, Chairman and CEO of LSG Sky Chefs at todays signing ceremony in Seoul. Beyond intensifying the partnership between Asiana Airlines and LSG Sky Chefs, it offers advantages to both parties: Asiana Airlines will benefit from LSG Sky Chefs global network and experience while enhancing its onboard service, and LSG Sky Chefs will be able to strengthen its culinary expertise with regard to Korean cuisine.
The LSG Group is the world’s leading provider of end-to-end onboard products and services for the travel industry. It possesses a strong portfolio of independent expert brands: LSG Sky Chefs (catering and hospitality, including lounges), Retail inMotion (onboard retail), SPIRIANT (onboard equipment) and Evertaste (convenience food). The LSG Group is headquartered in Neu-Isenburg, near Frankfurt, Germany. In 2017, its almost 35,000 employees achieved consolidated revenues of EUR 3.2 billion. Additionally, the LSG Group has a rich network of joint ventures and partnerships partners around the globe, employing more than 20,000 staff and generating non-consolidated revenues of EUR 1.3 billion. www.lsg-group.com