Hannes Smárason, the CEO of FL Group, announced yesterday that the company had invested in further stocks in AMR, the parent company of American Airlines, and has now become its main stockholder.
AMR Corporation is the largest airline in the world, which flies to 250 destinations in 40 countries and runs over 1,000 airplanes. FL Group’s investment is estimated to be worth ISK 55 to 58 billion (EUR 629 to 663 million, USD 824 to 869 million), as RÚV reports.
“We are very excited about this,” Smárason said. “We want the company to be an active participant in the US market in compressing it and reducing the number of airlines that operate there by taking over their operations.”
FL Group also owns a 30 percent share in Glitnir Bank, 25 percent in Royal Unibrew, 13 percent in Bang & Olufsen, 49 percent in Refresco and 14 percent in House of Fraser.
According to RÚV, the total profit of FL Group last year was nearly ISK 45 billion (EUR 515 million, USD 674 million).
Click here to read more about FL Group and AMR.