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Aeromexico Announces $1.3 Billion Investment, Aggressive ExpansionApril 1, 2011 By: Joe Pike
Aeromexico, Mexico’s global airline, announced Thursday that it will invest roughly $1.3 billion in the purchase of 20 new aircrafts. These investments will be acquired through a mix of fresh capital, reinvested earnings and internal resources.
Part of the capital addition will be made through an initial public primary offering. The placement will be made through the Mexican Stock Market among domestic investors. The current group of Mexican investors will continue to have stock control, as well as administrative and operational control. Today, the company made public its intent for an IPO placement.
To complement these investments, the airline will obtain financing under favorable conditions with international institutions. An example of this is the line of credit for more than $300 million dollars recently provided by the Bank for Foreign Trade of Brazil.
The investment amounts announced today will add up to the more than $500 million dollars that shareholders of Grupo Aeromexico had previously invested in the acquisition and capitalization of companies within the Aeromexico group.
Andres Conesa, CEO of Aeromexico Group, said in a press conference Thursday, "The strategy adopted in recent years has allowed us to consolidate our position as the flagship airline of Mexico and with this new stage of financing, we will deepen the structural basis and sustained growth of the group.”
Other investments planned over the next two years include changing the current Sabre operating system, the use of new technologies to provide better service to passengers, a new cargo terminal at Mexico City’s international airport, as well as new hangar facilities and platforms to improve the operation of the airline at the airport.
The purchase of 20 aircrafts - 10 Embraer 190s and 10 next generation Boeing 737s - will bring important savings in leasing, maintenance and fuel costs. At the same time, this initiative will reduce capital expenditure, thus strengthening the balance of Grupo Aeromexico.
Additionally, the airline will inaugurate new domestic routes to Huatulco, Colima and Tepic, while increasing international frequencies in the U.S., such as Mexico–Miami and Mexico–San Antonio. Aeromexico will also add service to Caracas, Guatemala, Panama, Fresno and Sacramento throughout the year.