Maritz Travel Co., a unit of Maritz Inc., of St. Louis, announced today it has agreed to sell TQ3 Travel Solutions, its U.S. corporate travel subsidiary, to Minneapolis-based Carlson Wagonlit Travel.
During a press conference call on Thursday, Maritz, Inc. Chairman and CEO Steve Maritz said the sale is part of an ongoing restructuring program, which began with the company’s acquisition of McGettigan Partners in 2001. This latest transaction, Maritz said, will help Maritz Travel Co. strengthen its focus on its “core business of running innovative sales andprograms.”
In making the announcement, Maritz Travel Co. Chairman and CEO Jeff Reinberg said his company is “confident our status as the industry leader in meeting, event, and incentive travel services will only improve as we implement these strategic changes, allowing us to create even more extraordinary group travel experiences for our customers.”
Reinberg said that the 21 Maritz Travel Co. clients who also count themselves as clients of TQ3 should not be greatly affected by the transaction. Each of the 21 has been contacted by Maritz, Reinberg said, and “for them, the change will probably be invisible.”
Hervé Gourio, president and CEO of CWT Worldwide, said the transaction demonstrates “our commitment to taking a lead role during this period of industry consolidation. The combination of these two trusted business travel providers offers customers the best in value and satisfaction—locally, regionally, and globally.”
The sale is subject to conditions including regulatory approval, and should be complete within 30 to 60 days, Reinberg said. Jack O’Neill, the president and CEO of TQ3 has been named executive vice president and chief operating officer for CWT US, effective on completion of the transaction.