The TUI Group was formerly known as Preussag AG. Originally founded in 1923 as a German mining and industrial conglomerate (Preußische Bergwerks- und Hütten-Aktiengesellschaft), the company underwent a radical transformation in the late 1990s. Led by CEO Michael Frenzel, Preussag divested its heavy industrial assets—including steel and mining operations—and pivoted entirely toward the service and leisure industry by acquiring travel giants like Hapag-Lloyd and Thomson Travel. In 2002, the company officially rebranded as TUI AG (an acronym for Touristik Union International) to reflect its new identity as a global tourism leader. By 2026, TUI has solidified its status as the world's largest integrated travel company, owning a massive fleet of aircraft, cruise ships, and over 400 hotels, all rooted in its industrial-era predecessor's strategic shift toward the vacation market.