SAS Restructuring Program

The Scandinavian Airlines System has announced a major restucturing program and a raft of cost-cutting measures, in a bid to secure future profitability.

SAS says it plans to sell-off parts of its holdings in Spanair,and its entire stakes in British Midland Airways and Air Greenland. The carrier also says it plans to consider cost-savings in its ground and technical services divisions.

SAS has been rocked by a series of strikes both this year and last, by employees in its Danish and Swedish branches.

The company hopes the measures will create savings of some 400 million dollars by 2011. The S A S share price jumped 1.5 percent on the Stockholm stock exchange directly after the announcement.