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Investors to rescue Swisscargo

Swisscargo could become the first independent freight company worldwide Keystone

Swisscargo, the freight arm of Switzerland's collapsed airline Swissair, could be rescued by a group of investors and become the first independent global airfreight company.

This content was published on December 3, 2001 - 21:22

In a press release on Monday, Swisscargo announced the company and a group of investors, including Zurich businessman Branco Weiss, had signed a declaration of intent outlining the foundation of an independent cargo company.

Swisscargo would be the first global company to provide passenger airlines with freight services and become a "general-sales-and-service-agent" organisation.

According to the statement, the investors are planning to set up a brand-new business model, whereby the regional airline, Crossair, would be the company's prime customer.

Spokesman Branco Weiss said the plan envisaged keeping most of the existing jobs and setting up a global network, which would give Switzerland new opportunities to provide cargo services at home and abroad.

According to Weiss, the investors involved in the project feel optimistic about setting up the first international independent airfreight company in Switzerland and hope the company will soon be profitable.

Crossair welcomes plan

Crossair, which forms the basis for Switzerland's new airline after Swissair collapsed earlier this year, welcomes the creation of the new company.

Spokesman Markus Baumgartner said the airline was still planning to take over 52 planes from Swissair, however, "it would not make sense only to transport passengers and ignore the freight market," he said.

According to Baumgartner, Crossair has already signed agreements to co-operate with other Swissair subsidiaries, such as Swissport, SR Technics, Atraxis and Gategourmet.

Crossair needs strong partners, however, the airline is not financially strong enough to take them over, he said.

Under Swissair, Swisscargo serviced the freight of Swissair, Sabena and Crossair in 85 countries.

Swisscargo has 651 employees and achieved a turnover of SFr1.2 billion last year.

swissinfo with agencies

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