Major travel agents Japan Travel Bureau Inc. and Carlson Wagonlit Travel of the United States have agreed to establish a Tokyo-based joint venture to handle travel and expense management for corporate clients, the companies said Monday.
JTB, the nation's largest travel agency, and the CWT group, the largest travel agency franchiser in North America, will set up JTB Business Travel Solutions Inc. with the capital of 490 million yen in January.
JTB will own 70 percent the firm's stake and CW Travel Holdings, the holding firm of the Carlson group, will hold 30 percent.
The new venture will provide seamless travel and expense management services through the two parent firms' domestic and global networks.
Of the planned 320 workers, about 90 percent will come from JTB; Toshio Matsugu, former general manager of JTB's New York office, will be chairman, president and the chief executive officer.
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