Word: lufthansa
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...their business in the early 1960s, European airlines began negotiating a major merger in the hope of gaining strength in union. After four years of bickering over terms, that ambitious project has been all but scrapped. Chief reason: European carriers are suddenly flourishing on their own. Last year Lufthansa in creased its profits over the previous year by almost 500 times, to $9,230,000. Air France has flown 16.3% more passengers so far this year than last, and its overall revenues are up 6.1%. Sweden's SAS moved from a $17 million deficit three years...
...handling have enabled SAS to eliminate 2,700 employees from the payroll in three years. BOAC plans a staff reduction of 18% by 1967. KLM has not only cut back personnel but has also reduced its fleet from 85 planes to 40-and is doing more business than ever. Lufthansa is switching completely to Boeing planes, plans to add 21 short-haul 737s to its fleet of longer-range 707s and 727s. Reason: nearly 48% of the parts of the 737 are interchangeable with those of the 727, a fact that will produce major economies in maintenance costs...
...sold 77, including 55 to U.S. lines. But the competition is overtaking the BAC One-Eleven. Douglas has sold 116 comparable DC-9s, including two last week to Australia's Ansett Airways. While Boeing has sold only 21 of its 737s, all were to West Germany's Lufthansa-an order that British Aircraft counted heavily on getting...
...anyway. The real prize, Panair's routes to Europe and the Mideast, will go to Varig, which is already South America's biggest airline and by far its best. Founded in 1927, Varig has been run for the past 23 years by Ruben Berta, 57, a onetime Lufthansa accountant who has built it into an international operation with routes to South America's west coast and the U.S., a huge domestic system, and a fleet of 95 planes, including 15 jets and propjets...
Even after VEBA is disposed of by a stock sale to the public, the Volksaktien program pushed by Erhard will still have a long way to go. Not including such properties as Lufthansa airlines, the state railways and harbor facilities, in which the government intends to retain an interest, 250 industrial companies remain to be sold. Still, peoples' shares have come quite a way in Germany; only six years ago a survey showed that 40% of the population had no idea what stocks were and 83% had never heard of dividends...