Big News from Qantas
Qantas announced today the following changes to it's business which will have immediate material effects.
Qantas will cancel and sell all A380 orders and A330 currently on the it's register. Most A330's operated but the mainline business will be sold to Jetstar.
Qantas will purchase 28 B777 with the B787 orders to remain.
All Rockwell Collins IFE systems will be replaced with Panasonic
Employees will be offered job security in the round of agreements which were welcomed by all unions. The company will partake in a share buy back scheme and offered employees and union a 10% stake in the company using a 0% loan facility in ensure future relationship in good faith.
Qantas will aggressively seek all third party work on Australian airports including maintenance, ramp services and customer check in.
Qantas has agreed to invest in the future of Aviation maintenance in Australia by re establishing the engine overhaul facilities in Sydney with new sites in Newcastle and Avalon.
Qantas is investing in future Australian pilots by increasing cadet intake and creating a new mentoring system.
Voluntary redundancies have been offered across the board allowing a breathe of fresh air across the company.
Alan Joyce has agreed to stand down with Leigh Clifford. Further announcements will be made regard the withdrawing of Jestar in foreign markets and new marketing to regain lost market share in the international business.
Qantas share price bounced 8% to $2.06