German giant plans tough cost cutting over next three years
Elaborating on the tough cost cuts it spoke about last year, Lufthansa has now announced that it will spend the next three years saving a total of €1.5 billion from across the group (not only among passenger airline units). This will, it says, bring a visible improvement in results by 2015. The cuts are being introduced in an effort to mitigate the negative effects of high oil prices and a weakening global economy. A full plan will be presented to managers on February 6.
“The time frame for the program runs until the end of 2014 and the benefits will be fully effective in the results for 2015,” a Lufthansa spokesman said, providing a definite timeframe for the first time.
[pictured: Lufthansa A380 cockpit close-up]