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Carlson Wagonlit Travel
(CWT) and Maritz Travel Company have 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
Hervé 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 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.
"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."
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