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Mon, May 27, 2002 - Page 21 News List

Travel group forms carrier

STAFF WRITER

Europe's leading travel and tourism group, Preussag, is planning to launch a low-budget airlines under the name TUI, board president Michael Frenzel told German news magazine Focus. "We are looking very seriously at the question," Frenzel told the weekly magazine's Monday edition, adding: "The low-budget airline sector has great potential for the future. We have the means to found a new airline company," British board member Charles Gurassa said. The German group currently has 80 aircraft and plans to have them all replaced by 2010, Focus said. Like other companies in the sector, Preussag had been hit by the fallout from the September 11 attacks and its results in the early months of this year were further hit by the recent economic slump.

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