American Express Business Travel formed a
wholly owned travel management company in Hong Kong, acquiring the
63% of shares in a joint venture, Farrington American Express
Travel Services, which it didn't already own.
Farrington held the
majority stake in the venture since it was launched in
1999.
American Express
Global Travel Services President Charles Petruccelli stated that
the agreement to integrate and take 100% control of Farrington
would push Amex's sales volume in China to almost $1 billion in
2007, with a "double-digit growth rate year-over year."
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