20. 11. 2006 - ČSA postpones its Hangar G project indefinitely
Prague, 20 November 2006
Czech Airlines (ČSA) has postponed indefinitely the project of the construction of its repair centre, “Hangar G”. The decision was made this week by the Company’s Board of Directors. The reason for suspending this more than CZK 1 billion investment, for which ČSA was to use some CZK 400 million of its own resources, is the great financial burden on ČSA.
“The parameters of this investment project have not changed, and they are still very interesting. The conditions in ČSA have changed, and that is decisive for us today. It would have been irresponsible of us, as managers, to launch the project in an unchanged form, and in line with the original time-schedule,” said ČSA’s President, Radomír Lašák, with respect to the suspension of the project.
According to the company’s Vice-President, Technical, Tomáš Heczko, the postponing of the project does not entail an immediate change in the scope of the aircraft maintenance provided today. But it does mean that ČSA will not be able to expand the volume of aircraft maintenance for third parties.
ČSA announced its strategic project of constructing a new multifunctional repair centre in 2005. The overall investment was to amount to CZK 1.35 billion, of which the hangar itself would have accounted for CZK 850 million. The project obtained state assistance from the Czech Ministry of Industry and Trade.
The new centre was planned to open in 2008. ČSA’s present repair capacity, which it uses to repair its own fleet, as well as that of other carriers, was to double within ten years.