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Germany's Air Berlin to cut 1 in 10 jobs
Tuesday - 1/15/2013, 10:32am EST
BERLIN (AP) - Loss-making German carrier Air Berlin says it will cut about one in ten jobs over this and next year.
Germany's second-largest airline said Tuesday it will cut 900 of its 9,300 staff positions by the end of 2014 amid a wider cost-cutting initiative to turn the company around.
It says the layoffs, a further reduction of its aircraft fleet from 158 to 142 planes this year and other measures are expected to yield savings of about (EURO)400 million ($520 million).
Air Berlin has struggled in Europe's highly competitive travel market. Abu Dhabi-based Etihad Airways has become its biggest shareholder with a stake of nearly 30 percent. Air Berlin also has joined the Oneworld alliance, which includes British Airways and American Airlines.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)