Swiss AviationTraining to become a full SWISS subsidiary

23 August 2007

SWISS is to acquire its Swiss AviationTraining operation in full. Manfred Brennwald has been named as the unit’s new CEO.

Swiss AviationTraining (SAT), SWISS’s flight and aviation training operation, has been run as a 50/50 joint venture with GCAT Flight Academy UK Limited (GCAT), formerly GE Commercial Aviation Training Limited, since SWISS was established in 2002. SWISS is to acquire GCAT’s 50% holding in SAT, making the operation a wholly-owned SWISS subsidiary. The acquisition was triggered by the change of control which occurred when GCAT was acquired by STAR Capital Partners Limited in February 2007. The parties agreed not to divulge the further terms of the transaction.

“The initial and further training of flying personnel, for ourselves and for third-party customers, are of key strategic importance to our company,” says SWISS CEO Christoph Franz. “Our Swiss AviationTraining operation also has attractive future prospects in the form of collaborations with Lufthansa Flight Training,” he continued.

Manfred Brennwald, who recently stepped down as SWISS’s Chief Operating Officer, will assume the position of CEO of SAT. He will also remain Chairman of the SAT Board of Directors. In his new CEO capacity, Brennwald, who is a qualified SWISS captain, can draw on the extensive experience he gained and the sizeable successes he enjoyed when holding various executive positions in Swissair’s flight training organisation between 1992 and 2001.

Tom Bolli, Swiss AviationTraining’s present CEO, will remain at the company as a Vice President and a member of the SAT Management Board. Bolli will also reduce his ground working hours and return to flight duties. In his new capacity, Tom Bolli will continue to play a vital role in SAT’s further development.