Austrian Airlines Group News: Solidarity in Formation Flight

25th Feb 2002

Overwhelming majority accept voluntary employee
contribution to corporate restructuring

“We can really build on this spirit…” Vagn Soerensen said spontaneously today upon receiving the results of the ballots on the personnel costs savings measures within the Austrian Airlines Group. The Chief Executive Officer went on to declare “...together, we’ve created an important prerequisite for the necessary turnaround!”

In an exemplary demonstration of solidarity towards the corporate group and the path to restructuring proposed by the Management, the employees of the Austrian Airlines Group have accepted the package of measures aimed at achieving personnel costs savings. The package requires each employee of the airlines of the Austrian Airlines Group to make his or her own personal 8% contribution. In-flight personnel of Austrian Airlines expressed their acceptance by an 89% majority, while 75% of in-flight employees at Lauda Air and 75 % of these personnel at Tyrolean Airways also voted for the plan. Commercial-technical employees at Austrian Airlines made clear their faith in the group strategy by a 70% vote, while at Tyrolean Airways even that figure rose to 73 %. From Lake Constance in the west of the country, Rheintalflug employees gave their consensus with utmost clear 95 % in both corporate sections.

Chief Financial Officer Thomas Kleibl outlines the importance of this result in the following way: “With this personal contribution and the cutting of 968 positions across the group, we can realise a total personnel cost saving of 15%. This is an essential component of our € 260 million restructuring volume.”




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