Deal involving Nordic arm of defunct Thomas Cook saves over 2,000 jobs
Billionaire Petter Stordalen, a Norwegian businessman, hotel and property developer has, together with private equity firms TDR Capital and Altor, purchased the Nordic arm of the now failed Thomas Cook travel agent and airline.
The triumvirate has acquired the Ving Group, which includes such brand names as Globetrotter, Spies and Thomas Cook Airlines Scandinavia, which will now be renamed Sun Class Airlines. Stordalen’s Strawberry Group and Altor will each take a 40% stake in the new venture, with TDR Capital taking a 20% share. The deal is also expected to see some 2,300 jobs of previous Thomas Cook employees saved.
Strawberry Group said Thomas Cook Northern Europe, which employs 2,300 people, is the Nordic region’s most successful travel company and called it a “crown jewel”. Mr Stordalen said: “Today is a big day for a man who loves the travel industry". Altor partner Harald Mix said: “It is a fantastic business that has ended up in a very unfortunate situation."
The deal will enable the new owners and other financiers to inject as much as 6bn Swedish krone (US$618) to keep it afloat.
BA trials green driverless vehicles at Heathrow Airport
As part of its ongoing £6.5bn investment for customers, British Airways is trialling autonomous, emissions-free baggage vehicles at its home at Heathrow, to help the airline further improve punctuality and depart every flight on time.
British Airways currently operates up to 800 flights a day to and from Heathrow, transporting around 75,000 bags back and forth between its baggage halls and aircraft.
Now, in what is believed to be a world first, the airline, in conjunction with Heathrow Airport and autonomous vehicle specialist, Aurrigo, is trialling driverless baggage vehicles, which are known as dollies.
Carrying up to 40 bags in one journey, the driverless dollies use the latest navigating technology to memorise the airfield to determine the shortest route to transport luggage. Unlike the current vehicles, the new autonomous dollies will depart for the aircraft as soon as each one is full, speeding up the aircraft loading process. In addition to improving operational efficiency, the trial also forms part of the airline’s wider environmental commitment to run an emissions-free air side operation.
If successful, the dollies could transport customers’ baggage to and from the aircraft by 2021.
Air Premia announces commitment for five Boeing 787 Dreamliner jets
Korean startup Air Premia plans to buy five Boeing 787-9 Dreamliner airplanes, following an agreement to lease three 787-9 jets from Air Lease Corporation earlier this year. Air Premia, which plans to launch operations in 2020 is poised to become South Korea’s second Dreamliner operator.
With its base at Seoul Incheon International Airport, the carrier will initially operate regionally in Asia before expanding its network to Los Angeles and San Jose by 2021.
The commitment, valued at US$1.4 billion at list prices, will be reflected on Boeing’s Orders & Deliveries website when it is finalized.
Airbus reports nine-months 2019 results, updates delivery outlook
Airbus has reported nine-months 2019 consolidated financial results and provided full-year guidance.
Consolidated revenues increased to €46.2 billion (9m 2018: €40.4 billion), mainly driven by higher deliveries, a favorable mix and foreign exchange rate development. A total of 571 commercial aircraft were delivered (9m 2018: 503 aircraft), comprising 33 A220s, 422 A320 Family aircraft, 34 A330s, 77 A350s and five A380s. Airbus Helicopters delivered 209 units (9m 2018: 218 units) with its stable revenues supported by growth in services and reduced by program phasing. In September, the 1,000th Super Puma helicopter was delivered. Higher revenues at Airbus Defense and Space were mainly driven by Military Aircraft activities. Consolidated EBIT Adjusted increased to €4,133 million (9m 2018: €2,738 million), mainly reflecting the commercial aircraft performance at Airbus. Airbus’ EBIT Adjusted increased sharply to €3,833 million (9m 2018: €2,340 million), largely driven by the A320 ramp-up and NEO premium, progress on the A350 financial performance and foreign exchange improvement which already materialized in H1 2019.
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