Carlson Wagonlit Travel (CWT), and Maritz Travel Company, entered into a definitive agreement for CWT to…
Carlson Wagonlit Travel (CWT), and Maritz Travel Company, entered into a definitive agreement for CWT to purchase Maritz` U.S. corporate travel subsidiary (MCT), which has operated under the brand name TQ3
Travel Solutions for the past three years. Completion of the purchase is subject to customary conditions including regulatory approval.
Through this transaction, CWT continues to demonstrate our commitment to taking a lead role during this period of industry consolidation, stated Herve Gourio, president and chief executive officer, CWT Worldwide. The combination of these two trusted travel providers offers customers the best in value and satisfaction – locally, regionally and globally.
The acquisition further solidifies CWT`s position as the second largest travel management company in the world and the largest wholly-owned global corporate travel network.
This transaction does not include Maritz Travel Company`s meeting, event and incentive group travel business, which still remains central to Maritz Inc.`s corporate strategy – helping organizations achieve their strategic goals. We will serve customers best through a strategic focus on performance management services, which includes group travel, said Steve Maritz, chairman and chief executive officer of Maritz Inc. I believe this sale will lead to better results for our customers as we sharpen our focus on those services that directly support their business goals. At the same time, clients of our corporate travel subsidiary will experience more value by merging with a company that is focusing its growth in this market.
CWT and MCT plan to integrate North American leadership, staff, operations and technology to provide customers with a broader range of products and services at competitive prices. The combination of exceptional people, innovative technology and shared learning will yield unprecedented value for our combined clients,stated Robin Schleien, president, Carlson Wagonlit Travel, North America, who noted the two companies share similar philosophies around technology and culture.
Jack O`Neill, president and chief executive officer of MCT, has been named executive vice president & chief operating officer for CWT, effective upon the completion of the transaction. Maritz Corporate Travel and Carlson Wagonlit Travel share a mutual commitment to deliver exceptional service, value, and satisfaction, said O`Neill. This new organization will present exciting opportunities for our clients, employees and suppliers.
CWT and MCT enter the agreement as financially strong and profitable entities with a diverse portfolio of clients. Both organizations have built exceptional client loyalty as indicated by high retention and satisfaction rates. In addition, their parent companies share a best-in-class human resources rating as acknowledged by Fortune magazine and the St. Louis Business Journal.
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