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Olympic Airways to order 30 new passenger jets

Olympic<.> Airways announced a new business plan that includes the renewal of the airline`s fleet, an increase in flights, the recruitment of new staff and liquidation of idle assets…

Olympic  Airways announced a new business plan that includes the renewal of the airline`s fleet, an increase in flights, the recruitment of new staff and liquidation of idle assets .
Rod Lynch, OA`s chief executive officer, said the national carrier needs to expand and generate its own revenue. It must also focus on punctuality and give a positive image to passengers, he added.
The new business plan foresees the sale of OA`s aging fleet of Boeing 737 aircraft and its replacement with some 30 new aircraft within the next 5 years. In addition, the national carrier will expand and build up its flights to international destinations.
In a reference to Olympic’s staff, Mr. Lynch stressed the need for retraining and for the recruitment of about 1,000 employees, mainly for placement in the airline’s technical departments. He said the carrier`s maintenance base would be gradually relocated to the new Athens International Airport for Athens being built at Spata.
He added that the carrier’s subsidiary, Olympic Catering, was a gold mine and indicated that other of the airline’s subsidiaries may follow the lead of the airline catering company and become listed on the stock market.
Next in line, according to press reports, is Galileo Hellas, the airline’s computer reservation system subsidiary. In a first phase, 10% of the shares will go to venture capital.
The business plan also foresees the sale of idle assets of Olympic Airways`, which could be sold and the revenue re-invested. He noted that OA`s New York building had remained vacant since 1982.

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