21-Jun-2013 10:53 AM

IAG CEO: 2012 was a year of transformation for IAG

International Airlines Group (IAG) CEO Willie Walsh stated (20-Jun-2013) 2012 was a year of transformation for the Group, with the purchase and integration of bmi into British Airways finalised, the launch of a cash tender offer for Vueling, and the first steps made toward restructuring Iberia. Mr Walsh said the airline reported a solid performance in 2012 considering the economic challenges faced by IAG's airline as well as absorbing loss-making bmi and the launch of necessary changes at Iberia. Mr Walsh said IAG achieved EUR313 million in synergies in 2012 however described Iberia's situation as "critical" and said 3300 staff will leave Iberia, 80% of them in 2013. Mr Walsh said IAG expects British Airways to gain full value from the bmi integration and its enhanced slot portfolio at London Heathrow in 2013. Meanwhile Iberia's restructuring will continue and "establish a framework for future profitable growth" and IAG will begin to reap the benefits from Vueling joining IAG. [more - original PR] [more - original PR II]

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