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TUI plans jobs cuts, asset sales; scraps profit aims

15 December 2006

TUI AG, Europe’s largest travel company, plans to cut 3,600 jobs at its tourism division, omit payment of a dividend this year and sell assets to rein in costs and pay back debt to offset slowing earnings growth.

The company will sell a harbor terminal in Montreal, Canada, several small ships owned by its CP Ships unit and properties not needed for the operating business, the Hanover, Germany-based company said in a statement on the OTS newswire today. By 2008, net debt will decline to 2.5 billion euros ($3.3 billion) from 2.9 billion euros in September this year.

source: Bloomberg

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