Cargolux loses Qatari investment

By Freddie Pierce
Follow @Ella_Copeland Cargolux Airlines International today confirmed that Qatar Airways intends to exit its 35% shareholding in Cargolux. Albert Wildg...

Cargolux Airlines International today confirmed that Qatar Airways intends to exit its 35% shareholding in Cargolux. 

Albert Wildgen, who joined the Cargolux Board of Directors on 8 September 2011, also announced his decision to step down from his post as Chairman at the next meeting of the Board of Directors on 30 November 2012.

The cargo-only airline has encountered pressure in its relationship with the Qatari investors according to media reports, as the airline is reportedly seeking to find an estimated $750 million over the next few years in order to achieve long term sustainability.

 

 SEE RECENT STORIES FROM THE WDM CONTENT NETWORK:

Emirates launch new flights to South Australia

Transportation Workers to set Global Agenda in Toronto

The world's largest containership begins its maiden voyage

It is believed that the end of Qatar Airlines’ involvement was down to a dispute over prospective downsizing of Cargolux’s fleet size.

An online statement released by Cargolux said: ‘Cargolux shareholders Luxair, BCEE and SNCI have confirmed their full confidence and support of Richard Forson, the interim President and Chief Executive Officer, and his management team as they take the airline forward through this difficult phase of restructuring in order to position Cargolux for future growth and prosperity benefiting not only the air logistics industry, but the country as a whole. There are many significant challenges facing Cargolux and the shareholders remain committed to implementing those actions that will ensure it long term sustainability.’

Share

Featured Articles

Why you Should Automate your Supply Chain Analytics

Supply Chain Digital takes a look at some key vendors to consider when your business is automating its supply chain analytics

P&SC LIVE New York welcomes Amanda Davies, Mars Snacking

Amanda Davies, Chief R&D, Procurement and Sustainability Officer at Mars Snacking, is set to speak at Procurement & Supply Chain LIVE New York

P&SC LIVE New York welcomes Kirsten Loegering, ServiceNow

Kirsten Loegering, VP of Product Management, Finance and Supply Chain Workflows at ServiceNow, will speak at Procurement & Supply Chain LIVE New York

P&SC LIVE New York welcomes Dean Ocampo, ServiceNow

Digital Supply Chain

P&SC LIVE London Welcomes New Sponsor – LeanLinking

Operations

Procurement & Supply Chain LIVE Dubai is LIVE!

Operations