No job losses foreseen at Cargolux, says Infrastructure Minister
(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.