Lufthansa 70% through cost cutting programme

Lufthansa announced it has achieved 70% of the goals of its "Climb 2011" cost cutting programme (Bloomberg, 19-Jun-2010). The carrier expects to achieve its target of EUR300 million in cost reductions this year, provided there are no major externalities. Lufthansa expects to complete the cost reduction programme in 2012, taking approximately EUR1 billion in costs out of the company. The programme involves reducing administrative positions by 20% through natural attrition.