Korean Air vows no layoffs in Asiana takeover

Korean Air’s president, Woo Kee-hong, vowed there would be no layoffs as a result of its takeover of Asiana Airlines as it had no plans to “reduce supply.”

The two South Korean national flag carriers collectively has 28,000 staff members, with 90 percent to 95 percent of them directly employed.

The share price of Asiana had been on the rise since the announcement of the Korean Air takeover.

Korean Air is scheduled to seek a review of the acquisition by authorities in foreign countries by mid-January and would draw up a comprehensive plan by March 17.

The company also has plans to combine three existing budget airlines, Jin Air, Air Seoul, and Air Busan, to form a mega international low-cost carrier, to be operated by a separate corporation.

The airline’s president said they would continue the acquisition process despite possible legal battles ahead.