-
Preussag management decides to quit mining and smelting industry
The economic downturn of the 1990s saw a decrease in the demand for steel and aluminium, which caused a drop in the profit for these companies. -
Hapag-Lloyd (now owned by Preussag) purchases around 25% of Thomas Cook
Thomas Cook is a major player among the tourism services providers. -
The TUI Group (the firm's new name) jumped in the European market
The management decided to rename the firm TUI. They jumped on the European market, which was aided by taking over other firms from countries such as France or the UK. -
Period: to
A downturn in the tourism industry across the world due to some foreboding events.
9/11 attacks, SARS disease, rise of terrorism -
World of TUI created
-
Creation of TUI Air Management
-
TUI introduced a new cost-cutting programme
Yearly savings:
2003: 260m Euros
2004: 100m Euros -
Setting up TUI China
TUI set up its Chinese operations to provide services to Chinese tourists visiting Germany -
First low-cost travel agency in Hamburg
-
Entering the Russian market
-
Launching of the virtual travel tour Touropa
By this TUI became the leader in the direct sale travel products -
Tourism sector back on the right track
After the decline in the early 2000's, by 2005 the tourism industry was breaking records again. -
TUI is the biggest tour operator in Europe
Altogether, we can conclude, that the transformation was a very successful one. In 2005 the firm had possession of 285 hotels and 163000 beds. It had a market share of 32% on the European market that was worth 62 billion euros back then. It also employed around 17500 people.