Sunday 23rd Oct 2016 - Logistics Manager

Qatar sells Cargolux stake

Cargolux, the Luxembourg-based cargo airline, has confirmed that Qatar Airways intends to exit its 35 per cent shareholding in Cargolux.

Albert Wildgen, who joined the Cargolux board in September 2011, will also step down from his post as chairman.

In a statement, Cargolux said its shareholders Luxair, BCEE and SNCI had 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 to position Cargolux for future growth and prosperity”.

Cargolux reported an $18.3m loss in 2011 and in September announced that it wanted to renegotiate its trade union agreements.

It said: “The airline will commence negotiations with the unions representing employees to work towards achieving a level of labour cost and improvement in productivity that will put the airline into a better position to withstand these challenging times in the market, both now and in the future.

“A reduction in labour cost and improvement in productivity are only two of several initiatives to be undertaken by Cargolux to achieve sustainability in the long term.”