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Article: Argentina: Edcadassa forced to reduce costs.
- Article from:
- South American Business Information
- Article date:
- September 13, 2001
CopyrightCOPYRIGHT 2001 COMTEX News Network, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Argentina, Sep 10, 2001
Recession has affected Edcadassa, the Argentinian air cargo company which was owned by The Exxel Group and was acquired by Eduardo Eurnekian recently. The company had to reduce its personnel 10% because of the drop registered in the volume of cargo. This year, Edcadassa will close with a turnover of US$57mil, 15% less than the US$65.6mil in 2000. The financial crisis of Aerolineas Argentinas has affected Edcadassa. Eurnekian acquired 45% of the company's shares and the other 55% is owned by the State. Eurnekian is studying the possibility of selling the ...
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