3-Mar-2011 11:14 AM

Olympic Air to focus on becoming dominant in south-eastern Europe

Olympic Air’s new Board of Directors announced (2-Mar-2011) plans to "reshape the company's planning, focussing on strategic development". The target for Olympic Air is to "become a leader in south-east Europe by exploiting the competitive advantage of its high-quality services". The carrier stated EU’s Competition Commission decision not to approve the merger with Aegean Airlines disrupted plans of creating a single major Greek airline with pan-European range. Combined with the "difficult conditions and medium-term prospects of the market", the carrier now plans to revise its flight schedule and operations as follows:

Olympic Air: "After 15 months of operations Olympic Air has presented obvious results to all Greek citizens. In our effort to revive our historical and national carrier, we plot a new course today in order to shield the sustainability of our initial commitments. Our new strategy obviously takes into consideration both the decision of the Competition Commission and the ongoing turmoil in the markets. However, our central and non-negotiable target remains to provide the highest quality services to our passengers, while the reorganisation of our network will allow us to address more effectively the challenges that surround us and to maintain the leadership profile of Olympic Air in our region," John Karakadas, President. Source: Company Statement, 02-Mar-2011.

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