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+--- Thread: Finnair Press release (/showthread.php?tid=630)
Finnair Press release - Carde - 04-22-2018
Helsinki
22 April 2018
Subject: Sale of state owned shares in Finnair to Shaylin Industries.
Finnair has long been a healthy and respected brand in the Aviation Industry with one of the best safety ratings globally. However in recent years increasing competition has had an impact on it's operations. While still profitable and healthy it was believed that more could be done specially with a growing and growing market between Europe and Asia which is largely in hand of the middle Eastern Airline like Ethiad and Emirates. However to take on this competition a large amount of capital would be needed which was not available to Finnair. Shaylin Industries a Swiss Investment company has approached Finnair and the Finnish government as it's main share holder along with all other parties with a offer to buy Finnair alongside with a clearly defined business plan. After several months of negotiations the deal was agreed and as off today the final shares have been transferred and Finnair has officially been withdrawn from the public market.
A key part of the deal being made was that Shaylin Industries agreed not to cut jobs or salaries and will inject a healthy sum of capital which allows for a full overhaul and streamlining of the Finnair fleet. This investment and streamlining will allow Finnair to better compete on a crowded market both on the long intercontinental flights as well as inter European flights. Of course a Swiss company would not be allowed to own the majority share in Finnair and for that reason Shaylin Industries has decided to move it's full operations to Helsinki leaving only a small financial part behind in Switzerland.
Overall the Finnish government believes that with the construction made in the deal Finnair is going to be looking at a prosperous future. So while sad that a long time of direct governmental control is gone it is believed that the final results will be much better for both Finnair as for Finland itself.
Jane Vyre owner and CEO of Shaylin Industries commented on the transaction as follows: "The Finnair deal was a tricky one to get right, but we believe it has a great growth potential and long therm profitability which is exactly the type of business I look at investing in. Over the last 50 years under my Dad and under myself we have become known as people say ethical investment bankers. We do not buy struggling businesses for cheap to spin things out and drain them dry. We believe in a long therm vision for everything we do. With hundreds of companies under our control I think we can safely say that Finnair is in good hands. Now we are looking at installing new leadership of course that is part of what we do, but we are certain that transition will be smooth."