AMERICAN EXPRESS COMPLETES FINAL STEPS TO PURCHASE LIFECO TRAVEL SERVICES
AMERICAN EXPRESS COMPLETES FINAL STEPS
TO PURCHASE LIFECO TRAVEL SERVICES
NEW YORK, Jan. 2 /PRNewswire/ -- American Express Travel Related Services Company, Inc., announced today that it has closed on its contract to acquire Houston-based Lifeco Travel Services. The purchase agreement, which was announced on Dec. 19, was finalized on Dec. 31 with the closing.
"With the Lifeco acquisition, American Express will significantly enhance its position as the leading travel management company," said Brian P. Froelich, executive vice president, American Express Travel Management Services. "We are extremely excited about the resources and expertise that we've gained through the Lifeco operation, and we intend to marry the best practices of our two networks in order to provide even better service to clients."
During the transition period of 12-18 months, the former Lifeco Travel Services will operate as Lifeco/American Express, and clients will continue to be serviced by their existing representatives. American Express has begun contacting Lifeco clients to discuss the merger and to emphasize that all financial and servicing arrangements negotiated under the Lifeco name will be honored by American Express.
"Our corporate clients will benefit from this expansion, since American Express will have even stronger purchasing position among travel suppliers, as well as a broader servicing presence," said Froelich.
A transition team, comprised of American Express and Lifeco employees at many staff levels, is being created to oversee the integration of the operation.
American Express(R) Travel Management Services, which includes Business Travel Services and the American Express(R) Corporate Card, assists companies in managing and controlling their business travel expenses. It is a unit of the American Express Travel Related Services Company, Inc., a wholly owned subsidiary of the American Express Company -- a family of travel, financial and communications businesses.
/CONTACT: Christine Levite of American Express, 212-640-3382/ CO: American Express Travel Related Services Company, Inc.; Lifeco
Travel Services ST: New York, Texas IN: LEI SU: TNM PS -- NY070 -- 6323 01/02/92 17:37 EST