Autogrill sells stake in passaggio rail and completes re-organization of Swiss operations

Monday, December 10, 2001 - 15:56

Milano, 10 December 2001An agreement for the sale of Autogrill Schweiz’s 60% equity stake in Passaggio Rail to the Swiss Federal Railways (FFS) has been reached in Zurich. The selling price has been set at 14 million Swiss francs and the transaction will be effective as from 31 December 2001. Passaggio Rail is active in the on-train catering business, a non-core area for Autogrill, which is targeting growth through four strategic channels: motorways, airports, rail stations and shopping malls or urban centers. As part of this strategy, last September the group strengthened its operations in Switzerland by raising its stake in Flughafen Restaurant, which provides restaurant services in Zurich airport, to 100%. Flughafen Restaurant was subsequently awarded the contract to provide services in the new airport terminal (14 outlets for projected revenues of 120 million euros over the seven-year contract). In Switzerland, Autogrill is also present in Geneva station and has been chosen to provide services in Berne station.