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O 'Leary: "In the long run, there are still five airlines"
VIENNA. Following the withdrawal of Niki Lauda from Laudamotion, the company is wholly owned by the Irish company Ryanair.
Andreas Gruber, boss of Laudamotion (left) and Michael & Leary, his boss Image: APHR / HELMUT FOHRINGER
Their boss, Michael O 'Leary, missed the ambitious economic program of Vienna. He sees a strong process of concentration on the market of European airlines.
In early 2018, Niki Lauda took over Niki's former insolvent subsidiary, Niki, and pulled Laudamotion out of it. A few months later, the Irish increased. In summer, this proportion has been raised to 75%. At the end of the year, Lauda sold the remaining 25% to Michael O 'Leary, which was announced yesterday. A purchase price has not been mentioned.
Niki Lauda remains chairman of the Laudamotion shareholder committee. What is this function, Andreas Gruber, the boss of Laudamotion, did not want to explain. They are interns. Niki Lauda is "the brand of the company". "I look forward to continuing cooperation with Ryanair and Laudamotion," Lauda said in a statement.
Gruber has received a growth order from O & # 39; Leary. By the summer, the fleet will grow from 19 to 25 aircraft and by 2022 it will have 40 machines. The number of pbadengers should then be 10 million per year, against 4.5 million currently. The number of employees during this period increases from 900 to 2100, according to the plan.
Enjoy the third year
During the first fiscal year, Laudamotion stole less than 150 million euros. In the second current fiscal year, the maximum loss is 50 million euros. From the third year, profits are expected. "We will invest as much as needed," said O. Leary.
He is convinced that Ryanair and Laudamotion will win the price war with other airlines. In the long run, four to five major European airlines will remain in the air, many smaller will be supported, or they will disappear, he said yesterday. (Skull)
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