Wheels Up Announces Divestiture of Non-Core Services Businesses
Wheels Up (NYSE:UP) has announced the sale of three non-core services businesses - Baines Simmons, Kenyon International Emergency Services, and Redline Assured Security - for $20 million before transaction expenses. The company plans to reinvest the proceeds into its fleet modernization strategy and general corporate purposes.
This divestiture aligns with Wheels Up's strategic initiatives, including recently announced cost efficiency measures expected to generate $50 million in savings. CEO George Mattson emphasized that this move is part of their broader strategy to enhance operational focus, strengthen the balance sheet, and achieve sustainable profitability.
Wheels Up (NYSE:UP) ha annunciato la cessione di tre attività non core — Baines Simmons, Kenyon International Emergency Services e Redline Assured Security — per 20 milioni di dollari al netto delle spese di transazione. La società intende reinvestire i proventi nella strategia di ammodernamento della flotta e per finalità aziendali generali.
Questa dismissione è in linea con le iniziative strategiche di Wheels Up, tra cui le recenti misure di efficientamento dei costi che dovrebbero portare a risparmi per 50 milioni di dollari. Il CEO George Mattson ha sottolineato che l’operazione rientra nella strategia più ampia per concentrare le operazioni, rafforzare il bilancio e raggiungere una redditività sostenibile.
Wheels Up (NYSE:UP) ha anunciado la venta de tres negocios no estratégicos — Baines Simmons, Kenyon International Emergency Services y Redline Assured Security — por 20 millones de dólares antes de gastos de transacción. La compañía planea reinvertir los ingresos en su estrategia de modernización de la flota y en fines corporativos generales.
Esta desinversión se alinea con las iniciativas estratégicas de Wheels Up, incluidas las recientes medidas de eficiencia de costos que se espera generen 50 millones de dólares en ahorros. El CEO George Mattson destacó que esta acción forma parte de su estrategia más amplia para mejorar el enfoque operativo, fortalecer el balance y lograr una rentabilidad sostenible.
Wheels Up (NYSE:UP)는 비핵심 사업인 베인스 시몬스(Baines Simmons), 케니언 인터내셔널 에머전시 서비스(Kenyon International Emergency Services), 레드라인 어슈어드 시큐리티(Redline Assured Security) 등 세 사업체를 거래비용 공제 전 2천만 달러에 매각한다고 발표했습니다. 회사는 매각 대금을 기단 현대화 전략과 일반 법인 목적에 재투자할 계획입니다.
이번 자산 매각은 최근 발표된 비용 효율화 조치(절감 예상액 5천만 달러)를 포함한 Wheels Up의 전략적 기조와 부합합니다. CEO 조지 매트슨(George Mattson)은 이번 조치가 운영 초점 강화, 대차대조표 개선 및 지속 가능한 수익성 달성을 위한 더 넓은 전략의 일환이라고 강조했습니다.
Wheels Up (NYSE:UP) a annoncé la cession de trois activités non stratégiques — Baines Simmons, Kenyon International Emergency Services et Redline Assured Security — pour 20 millions de dollars avant frais de transaction. La société prévoit de réinvestir le produit de la vente dans sa stratégie de modernisation de la flotte et à des fins générales d’entreprise.
Cette cession s’inscrit dans les initiatives stratégiques de Wheels Up, y compris les récentes mesures d’efficacité des coûts qui devraient générer 50 millions de dollars d’économies. Le PDG George Mattson a souligné que cette opération faisait partie d’une stratégie plus large visant à renforcer l’efficacité opérationnelle, assainir le bilan et atteindre une rentabilité durable.
Wheels Up (NYSE:UP) hat den Verkauf von drei nicht zum Kerngeschäft gehörenden Unternehmen – Baines Simmons, Kenyon International Emergency Services und Redline Assured Security – für 20 Millionen US-Dollar vor Transaktionskosten bekanntgegeben. Das Unternehmen plant, den Erlös in die Modernisierungsstrategie der Flotte und in allgemeine Unternehmenszwecke zu reinvestieren.
Diese Veräußerung steht im Einklang mit Wheels Ups strategischen Initiativen, darunter kürzlich angekündigte Kosteneffizienzmaßnahmen, die voraussichtlich 50 Millionen US-Dollar Einsparungen bringen werden. CEO George Mattson betonte, dass dieser Schritt Teil einer umfassenderen Strategie sei, die operative Ausrichtung zu schärfen, die Bilanz zu stärken und nachhaltige Profitabilität zu erreichen.
- Sale of non-core businesses generates $20 million in proceeds
- Expected cost efficiency initiatives to drive $50 million in savings
- Strengthening of balance sheet through strategic divestiture
- Strategic focus on core business and fleet modernization
- Transaction-related expenses will reduce net proceeds from sale
- Reduction in business diversification through divestiture
Continued streamlining of business operations to further company's profitability goals
"The divestiture of these non-core services businesses is the latest in a series of steps that Wheels Up has taken to sharpen our strategic focus; invest in our product, fleet and operations; and strengthen our balance sheet," said George Mattson, Chief Executive Officer. "The sale, along with our recently announced initiatives estimated to drive approximately
The sale of these non-core services businesses complements continued efforts to streamline Wheels Up's business, drive operational performance and execute on the company's fleet simplification and modernization strategy.
About Wheels Up
Wheels Up is a leading provider of on-demand private aviation in the
For more information, visit www.wheelsup.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside of the control of Wheels Up Experience Inc. ("Wheels Up"). These forward-looking statements include, but are not limited to, statements regarding the potential impacts of Wheels Up's cost reduction, operational efficiency and productivity initiatives and the divestiture of non-core businesses described in this press release on its business, financial condition and results of operations, including timing and magnitude. The words "anticipate," "continue," "could," "expect," "plan," "potential," "should," "would," "pursue" and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that statement is not forward-looking. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in Wheels Up's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the
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SOURCE Wheels Up
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