International Business Finance and Trade
The structure of Preussag was renamed to Hapag Touristik Union (HTU) which in 2000 was transformed into TUI Group.The general credibility of the TUI is quite excellent. Strategically today TUI is the largest and leading tourism and shipping organization of the world, operationally active mainly in Central, Northern and Western Europe while it has the networks across Europe as well. The inventory of TUI is decorated with hotels, restaurants, retail stores, container ships, travel agencies and airlines. TUI AG Airline, having 7 common brand TUIfly airlines, is the largest holiday fleet in Europe. The company is strongly adhering to persevere with its position as the world’s No. 1 tourism organization in all aspects along with a customer-oriented vision. TUI as well as its affiliates like Thompson Travels, Portland Direct, Lunn Poly, and Skydeals are accredited as most trusted and professional organizations throughout Europe.The company approximately consists of 285 hotels with 163,000 beds and 12 hotel brands in 28 countries, 3500 travel agencies, 120 aircraft, 10 cruise liners, 79 tour operators in 18 countries, and 37 incoming agencies in 31 countries in different parts of the world. At present, TUI AG has 43.3% shares in Hapag-Lloyd AG. During the fiscal year 2008, TUI had revenue of about €759 million. On 31 December 2008, the company had 70,200 employees.With a turnover of about € 21,866 million in 2007, TUI was the largest integrated tourism group in Europe, lagging far behind its competitors. According to the Annual Report 2008, the Thomas Cook Group is the second-largest company in Europe followed by MyTravel, REWE Group and Kuoni in the UK, Germany, and Switzerland respectively. UK, France and Germany are heavily populated countries of Europe and TUI is the market leader in these countries. Moreover, TUI stands in top three companies in 09 other European countries and is the leader of the emerging tourismmarket in Eastern Europe.