News
27.01.2009
KLM President and CEO Peter Hartman did not disclose a purchase price but added, "The airline industry in general is experiencing turbulence, Martinair in particular. With the European Commission approval, economies of scale and synergies become available."
A EU study late last year determined the sale "would not significantly impede" cargo or passenger competition in the European Economic Area (EEA) or in a substantial part of it. The report concluded: "The effects of the proposed transaction would be limited, not only because KLM already jointly controls Martinair, but also because Martinair's competitive strength has been constantly decreasing and, to regain its strength, Martinair depends on KLM's agreement to a renewal of its long-haul passenger fleet.
President and CEO of Martinair, Paul Gregorowitsch added, "With its 50 years of history in the field of air cargo and passenger business, Martinair can play an excellent complementary role in the worldwide product of the KLM Group. For Martinair and its 2000 employees, this is encouraging news after a long period of uncertainty. The Martinair restructuring activities can be actively continued given this perspective."
Martinair operates a fleet of 747-400 and MD 11 freighters plus B767 passenger aircraft. KLM operates 747-400 freighters and 747-300 Combis.
Martinair has become a subsidiary of KLM
After 50 years of independence, Martinair has become a 100 percent subsidiary of KLM following EU Competition Commission approval for the A.P. Moller - Maersk Group to sell its 50 percent stake.KLM President and CEO Peter Hartman did not disclose a purchase price but added, "The airline industry in general is experiencing turbulence, Martinair in particular. With the European Commission approval, economies of scale and synergies become available."
A EU study late last year determined the sale "would not significantly impede" cargo or passenger competition in the European Economic Area (EEA) or in a substantial part of it. The report concluded: "The effects of the proposed transaction would be limited, not only because KLM already jointly controls Martinair, but also because Martinair's competitive strength has been constantly decreasing and, to regain its strength, Martinair depends on KLM's agreement to a renewal of its long-haul passenger fleet.
President and CEO of Martinair, Paul Gregorowitsch added, "With its 50 years of history in the field of air cargo and passenger business, Martinair can play an excellent complementary role in the worldwide product of the KLM Group. For Martinair and its 2000 employees, this is encouraging news after a long period of uncertainty. The Martinair restructuring activities can be actively continued given this perspective."
Martinair operates a fleet of 747-400 and MD 11 freighters plus B767 passenger aircraft. KLM operates 747-400 freighters and 747-300 Combis.
