gategroup Holding AG together with its shareholder HNA Group, announced today it will not pursue the Initial Public Offering (IPO) of gategroup Holding AG’s shares on SIX Swiss Exchange due to a gap in valuation under current market conditions.
“We will continue to implement our Gateway 2020 strategy, which has positioned gategroup as the market leader and allowed us to double results over the past two years. We remain committed to continue generating value for our customers and shareholders,” said Xavier Rossinyol, CEO.
gategroup is the global leader in airline catering, retail-on-board and hospitality products and services. We provide passengers with superior culinary and retail experiences, leveraging our innovation and advanced technology solutions. Headquartered in Zurich, Switzerland, we deliver operational excellence through the most extensive catering network in the aviation industry, serving more than 700 million passengers annually from over 200 operating units in 60 countries/territories across all continents. In 2017, gategroup reached CHF 4.6 billion in revenues and approximately 43,000 employees worldwide. For further information, please visit www.gategroup.com
This publication contains forward-looking statements and other statements that are not historical facts. The words “believe”, “anticipate”, “plan”, “expect”, “project”, “estimate”, “predict”, “intend”, “target”, “assume”, “may”, “will” “could” and similar expression are intended to identify such forward-looking statements. Such statements are made on the basis of assumptions and expectations that we believe to be reasonable as of the date of this publication but may prove to be erroneous and are subject to a variety of significant uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements. Among these factors are changes in overall economic conditions, changes in demand for our products, changes in the demand for, or price of, oil, risk of terrorism, war, geopolitical or other exogenous shocks to the airline sector, risks of increased competition, manufacturing and product development risks, loss of key customers, changes in government regulations, foreign and domestic political and legislative risks, risks associated with foreign operations and foreign currency exchange rates and controls, strikes, embargoes, weather-related risks and other risks and uncertainties. We therefore caution investors and prospective investors against relying on any of these forward-looking statements. We assume no obligation to update forward-looking statements or to update the reasons for which actual results could differ materially from those anticipated in such forward-looking statements, except as required by law.
Note: In the event of any discrepancy or inconsistency between any translated versions of this publication, the English version shall prevail.
Featured image credited to istock.com/JakeOlimb