SAir Group Finalizes Deal For Stake In LOT

A festive atmosphere accompanied the ceremony marking SAirGroup`s purchase of a 37.6% equity stake in LOT Polish Airlines. The ceremony was attended by the Polish Treasury Minister, Emil Wasacz, the President of LOT , Jan Litwinski, and SAirGroup CEO Philippe Bruggisser. The official contract signing took place in Warsaw today.

The signing of the agreement at the Polish Treasury Ministry Offices opens the significant market of Poland for SAir Group and generate greater access to Eastern Europe. Details of the strategic partnership call for LOT, which is emerging from state ownership, to become a member of the Qualiflyer Group Alliance as of January 1st, 2000.

For the Treasury Minister Mr. Emil Wasacz, this marks the end of a lenghty process. “We conducted careful deliberations to determine the airline we wanted as a strategic partner and I am certain that we have made the right choice”, he said.

LOT President Jan Litwinski underscored his desire to see the partnership succeed, saying, ” We are very pleased to have found a partner of such wide renown as Swissair, a company that is a synonym for quality. Cooperation with Swissair and the other partners in the Qualifyer Group is the best way for us to ensure continued success for LOT and to provide our passengers with an offer that continues to improve.” SAirGroup CEO Philippe Bruggisser also pointed out the significance of the large potential for growth in the markets of Poland and Eastern Europe, ” The Warsaw hub is very important for both Swissair and the Qualifyer Group. All of us look forward to what promises to be a very positive cooperation.”