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Next agreement? Do & Co wants to buy a Lufthansa subsidiary



Catering was quoted by Do & Co as gaining several major contracts in the 2018/19 financial year. An example is a new 15-year contract with Turkish Airlines (we report). Now the company shows the next big business: As reported, Lufthansa wants to sell its catering subsidiary LSG Sky Chefs. Now it's clear: Do & Co is one of three bidders. Swiss Gate Gourmet and Dnata from Dubai have registered interest. The bidding process may take several months, but the sales decision is expected to fall this year.

Do & Co recently won a tender for British Airways in London, Iberia in Madrid and Turkish Airlines. LSG will be a useful supplement in Europe. "That's why we are definitely there," CEO Do & Co, Gottfried Neumeister, said on Friday. But you will not accept it for sure. Unplanned capital increase.

LSG is the second largest food provider in the world: with around 35,000 employees, EUR 3.5 billion has recently been realized. LSG prepared more than 700 million meals for 300 airlines. Companies like Deutsche Bahn and Starbucks coffee shop chains also buy LSG.

Cooking employees – in anger

The last European LSG business contributed € 1.1 billion to sales. "We are only interested in Europe, which we can do on our own," said CEO and co-owner Attila Dogudan on Friday at the annual press conference.

LSG is active in Germany, Belgium, Portugal and Switzerland and employs 9000 people in Europe. In the last financial year, Do & Co generated sales of around 848 million euros, down 1.6 percent from the previous year. Companies based in Vienna are even smaller than LSG businesses in Europe. Do & Co, however, has ambitious goals: Already in the coming year, 1.3 billion euros will be implemented – even without takeovers.

At LSG, there have been a number of rejections in recent weeks against planned sales: employees are afraid of losing their jobs and losing their salaries.

Decreasing sales, increasing revenue

The results of Do & Co consolidation increased in the previous year by 8.3 percent to 26.4 million euros. The reason for the decline in sales was the negative currency effect of Turkish business and the termination of BB train catering. Shareholders will receive a dividend of 0.85 euros.

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