Swissair announces plans to sell Nuance

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The Swissair Group today announced that it will sell its travel-retail business The Nuance Group.

The aviation company has appointed Schroder Salomon Smith Barney as advisor and aims to divest "all or part" of the retailer by early 2002. The move comes as part of a restructure of the Swissair Group. Chairman and ceo Mario Corti said new ownership would mean increased investment in Nuance, which was needed for its long-term development.

He said the move would generate "considerable equity and accelerate the achievement of our objective to reduce net debt."

The Nuance Group president and ceo Peter Petersen said: "Swissair Group has been a most supportive shareholder for the business over recent years and it will be sad for us to end this partnership but we look forward to continuing to work with them. However, I can speak on behalf of all the Nuance management team in stating that this development presents a most exciting opportunity for the business and for building further on our position as one of the world's leaders in airport retailing."

• Industry reaction and further details will be available after a Nuance press conference later today.