Italian Mef. Lufthansa and ITA confirm agrement
Today meeting at MEF between minister Giorgetti, CEO Spohr and Chairman Turicchi
Minister of Economy and Finance Giancarlo Giorgetti and Deutsche Lufthansa CEO Carsten Spohr met today at MEF to confirm the conclusion of the agreement: Lufthansa's investment in ITA Airways to take over a minority stake after having already shared the company's business plan, which envisages a revenue growth of EUR 2.5 billion expected this year and EUR 4.1 billion forecast for 2027. ITA’s chairman, Antonino Turicchi, also attended the meeting.
After the signature, the agreement will be submitted to the Italian “Corte dei Conti” and notified to the Eu Directorate-General (DG) for Competition.
ITA Airways' development strategy will continue to be shared between the two shareholders (Mef and Lufthansa).
These results will allow for the growth and renewal of the fleet, which at the end of 2027 will have 94 aircraft compared to the current 71, with an average age of five years, and will guarantee the optimization of fuel consumption and environmental impact. The workforce, which is expected to grow to 4,300 employees this year as a result of the 1,200 hires currently being finalised, will increase to over 5,500 at the end of the Plan.
ITA Airways' strategy aims to establish itself as a leading player among full service carriers in the three intercontinental, international and domestic sectors, with particular attention to long-haul traffic. This strategic repositioning will also make it possible to better strengthen the traffic of the Rome-Fiumicino hub, which will play a central role in the Lufthansa Group’s multi-hub model.
ITA Airways will continue to be the Italian country's reference airline and to proudly represent Italy worldwide, ensuring connections within the country and with the rest of the world, supporting the development of tourist and business flows.
Carsten Spohr, Chief Executive Officer of Deutsche Lufthansa AG says: “Today’s agreement will lead to a win-win situation for Italy, ITA Airways and Lufthansa Group. And it is good news for Italian consumers and for Europe, because a stronger ITA will invigorate competition in the Italian market. As a young company with a modern fleet, and with its efficient and expanding hub in Rome, ITA is a perfect fit for Lufthansa Group. In Milan, ITA serves a strong catchment area which also offers potential for growth. As part of the Lufthansa Group family, ITA can develop into a sustainable and profitable airline, connecting Italy with Europe and the world. At the same time, this investment will enable us to continue our growth in one of our most important markets".
Minister Giorgetti declared: “Today marks the end of a path in the history of the national flagship carrier, leading to the prospect of integration with a major European carrier. With this government today a knot that has conditioned the air transport market in Italy for thirty years is untied. We are convinced that this decision will allow the aviation market to develop in the interests of Italy”.
AVIONEWS - World Aeronautical Press Agency