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No job losses foreseen at Cargolux, says Infrastructure Minister
Economics

No job losses foreseen at Cargolux, says Infrastructure Minister

18.12.2013 From our online archive
Luxembourg Infrastructure Minister François Bausch on Wednesday said that there are no job losses foreseen at Cargolux as part of the sale of a 35 percent minority share to Chinese investor group HNCA.

(CS/Ch.L) Luxembourg Infrastructure Minister François Bausch on Wednesday said that there are no job losses foreseen at Cargolux as part of the sale of a 35 percent minority share to Chinese investor group HNCA.

“This deal is not a guarantee for the safeguarding of Cargolux,” Bausch said at a government briefing, adding: “The path will be long and difficult.”

At the same time Bausch was confident that “there will not be any job losses,” saying that “maybe jobs will even be created.”

A sale of the share was agreed earlier this month, following government approval for the plan, which includes a cash boost by all shareholders in the shape of a capital increase.

However, the final signature of the deal will not happen until a few months' time. But, Bausch explained, by March 2014, the agreement should be finalised.

Meanwhile the freight airline is also looking for a new CEO and president. Chief Financial Officer Richard Forson had taken on the position temporarily, after CEO and president Frank Reimen departed from the company in 2012 for a government job.

Previously CFO at Qatar Airways, which dropped its 35 percent Cargolux share in 2012, it is unclear whether Forson will remain at the freight airline.