KLM becomes full owner of Martinair

With effect of 31 December 2008, KLM Royal Dutch Airlines will have full ownership of Martinair. KLM and the A.P. Moller - Maersk Group have agreed on the sale of A.P. Moller – Maersk Group’s 50% stake in Martinair to KLM, which transaction was cleared by the European Commission today. KLM has already held a 50% stake in Martinair for many years.

With this acquisition, KLM aims to strengthen its strategic position and to extend its network and services to the customer.

KLM President and CEO, Peter Hartman: The airline industry in general is experiencing turbulence, Martinair in particular. With the European Commission approval, economies of scale and synergies become available. Plans for the future of Martinair within the Group will be developed in the coming period.

President and CEO of Martinair, Paul Gregorowitsch: “With its 50 years of history in the field of air cargo and passenger business, Martinair can play an excellent complementary role in the worldwide product of the KLM Group. For Martinair and its 2000 employees, this is encouraging news after a long period of uncertainty. The Martinair restructuring activities can be actively continued given this perspective.”

Source: Transportweekly