TUI

By nicoburnett

  • Preussag make decision to exit smelting/mining industry

    Due to decreasing profits and the uncertainty caused by the closing of hte last German mines and growth of competition from foreign countries Michale Frenzel and his team at Preussag decided to exit from smelting and mining industry and enter into the tourism business.

  • Beginning of acquisition program

    To become one of the leaders of tourism in Europe, the group began a program of acquisitions and divesting their non-core businesses. This began with the acquisition of a large German tour operator Hapag-Lloyd AG and subsequently TUI Deutschland. They also began investing into equity shares of a travel agency chain Magic Life.

  • Major British tourism/financial services group purchase

    Hapag Touristik Union made the decision of purchasing 24.9% of Thomas Cook which was one of the biggest British tourism and financial services group.

  • Majority stake of Thomas Cook

    HTU was able to acquire a majority stake in Thomas Cook

  • Renamed "TUI Group" & Expansion

    Hapag Tourism Union was renamed "TUI Group". TUI Group then took major steps in expanding by performing a takeover of British Thomson Travel Group. It then subsequently bought a major stake into the leading French tour operator Nouvelles Frontère with an agreement of a full takeover in the future. Also acquired one of the largest Scandinavian tour operators Fritidsresor. This made TUI Group a leading tourism company with over 200 tourism brands around the world.

  • All brands + firms put under umbrella of "World of TUT"

    All brands were put under the global umbrella "World of TUT". This repositioned the company into the tourism industry.

  • Preussag AG to TUI AG

    At a general assembly, shareholders voted for the Preussag AG to be renamed TUI AG

  • Preussag created TUI Air Management

    The TUI Air Management was created to manage the six group airlines centrally.

  • Full takeover of Nouvelles Frontières.

    100% takeover of Nouvelles Frontières.

  • Cost-cutting program introduced

    The group decided to begin a new cost-cutting program which aimed to save 260 million euro in 2003 and 100 million euro in 2004 to address the slump in tourism felt across the industry.

  • TUI China

    TUI set up TUI China for Chinese tourists visiting Germany.

  • TUI opening its first low-cost travel agency

    TUI opened its first low-cost travel agency in Hamburg Germany with Touristik Express with the intent to sell low-cost holidays.

  • TUI entered Russia

    TUI entered the Russian market by setting up TMR (TUI Mostravel Russia) which was a joint venture with Mostravel, a Russian tour operator.

  • TUI launches virtual tour operator

    TUI launches the virtual tour operator Touropa.com in Germany which sold travel tours not only online but through call centres, travel agencies and television solidifying TUI's position as Europe's leading tourism company.

  • TUI into India

    TUI entered into the Indian market with a 50% holding in the Indian company "Le Passage to India".

  • TUI into Canada

    TUI took control of a leading Canadian container shopping line CP ship and merged their container shipping division with it.

  • TUI Travel TLC

    TUI AG merged with UK listed First Choice Holidays PLC to form TUI Travel PLC which is now listed on the London Stock Exchange. Since the merger in 2007, both businesses have cooperated and worked closely together.