Wheels Up (UP) Sells Three Non-Core Businesses

Wheels Up Experience Inc. (NYSE:UP) is one of the Top 10 Stocks Under $10 That Could Triple. On August 20, Wheels Up Experience Inc. (NYSE:UP) reported that it has divested three non-core service businesses for about $20 million before transaction-related costs.

The three businesses that the company sold are Baines Simmons, Kenyon International Emergency Services, and Redline Assured Security. Wheels Up Experience Inc. (NYSE:UP) plans to reinvest the money from this sale to improve its fleet through modernization.

Wheels Up (UP) Sells Three Non-Core Businesses

The sale of these three businesses is part of the company’s plan to strengthen its strategic focus. Wheels Up Experience Inc. (NYSE:UP) aims to invest in its products, fleet, and operations while also making its balance sheet stronger.

In addition to this sale, Wheels Up Experience Inc. (NYSE:UP) has also recently announced initiatives to drive about $50 million of cost efficiencies. These steps are expected to provide meaningful tailwinds, helping the company to grow profitably.

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.

Wheels Up Experience Inc. (NYSE:UP) is one of the world’s largest private aviation companies. It provides on-demand private aviation services in the United States.

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Disclosure: None. This article is originally published at Insider Monkey.