Cargolux: «A business plan ambitious but realistic»

Cargolux Airlines’ Board of Directors has approved an ambitious five-year strategy aimed at boosting profits and ensuring the firm’s long-term sustainability.

The rescue plan will see shareholders invest 100 million USD in the first quarter of 2013 in the form of a convertible loan. This sum will form the first chunk of a cash boost expected to total 275 million USD.

«We now have clarity about where we want Cargolux to be five years from now and how we will get there. The airline will be able to draw on a considerable amount of fresh capital, 100 million USDs being the initial tranche, which will allow Cargolux to be sufficiently funded to start implementing its strategy», said Chairman of the Board of Directors Paul Helminger.

Cargolux will «focus on reducing costs and achieve a maximum degree of flexibility in order to achieve its objectives.»

«It’s ambitious, but realistic,» said Paul Helminger, «If we want to become more competitive, we must reduce costs by being more agile and more efficient. It will also allow us to keep the number of our employees during the 2013-2017 period covered by the plan.»