There was an article in yesterdays AM Costa Rica which gave a lot more info then was in the Email I got from TACA earlier this week.
From AM Costa Rica Friday October 9, 2009
TACA, Avianca will merge into one airline group
Special to A.M. Costa Rica
Synergy Group and Grupo Taca Holdings Ltd announced Thursday that they have reached an agreement leading to the creation of a merged airline group. As a result of this agreement, each shareholder will contribute its respective controlling ownership participations in the operations of AerovÃas Del Continente Americano S.A., known as Avianca, based in Colombia, and Grupo TACA, the Central American carrier, to a newly formed holding company. The transaction is subject to regulatory and other antitrust approvals.
The new group will capitalize on two of the best known airline brands in Latin America, two world-class product offerings, strong hubs and complementary networks, as well as two uniquely entrepreneurial and service-oriented cultures with highly motivated employees, said the announcement. By leveraging the new group’s four hubs — in Bogota, Lima, San Salvador and San Jose, Costa Rica, — Avianca and TACA will be able to offer customers better service to more destinations than any other carrier in the region. Employees will also benefit from the new group’s greater geographical diversification and stronger combined platform for future growth and career development in the face of a still challenging economic environment, volatile fuel prices and intense competition, the announcement said.
Roberto Kriete, chairman and CEO of TACA, who will serve as chairman of the future group, said, “Grupo TACA has long been a leading force for consolidation and rationalization in the Latin American airline industry. This latest chapter is a significant milestone in our corporate evolution, giving us the breadth and scale to better compete with any player in our markets while ensuring our long-term success. It represents a unique opportunity for all of our employees and shareholders to form part of one of the leading airline groups in the Americas.â€
Germán Efromovich, chairman of the Synergy Group, said, “We are proud of what Avianca has achieved over the past few years in terms of the strong corporate culture we have developed and the quality of service we are providing. With this formidable partnership we will be able to build further on that success and provide our passengers access to what is now Latin America’s leading airline network, as well as creating opportunities for further growth and development for all our employees.â€
Avianca and TACA have nearly $3 billion in aggregate annual revenues, serve more than 100 destinations worldwide (including 75 cities in Latin America, the largest number of any carrier), operate a fleet of 129 aircraft, employ approximately 12,000 people, and have over 3 million frequent-flyer program members.
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