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AirTran CEO promises lower airfares
Published August 1, 2007 - BizTimes Daily
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If AirTran Holdings Inc. is successful in its hostile takeover bid for Midwest Air Group Inc., travelers flying out of Milwaukee's General Mitchell International Airport can expect to pay airfares that will be 60 percent cheaper than most of the fares they're paying now, and they can expect more flight options to more cities.
That was among the promises made by Joseph Leonard, chairman and chief executive officer of Orlando, Fla.-based AirTran, during the Milwaukee Press Club's Newsmaker Luncheon today. Leonard said his company typically reduces airfares by 60 percent when it enters a new market. He said that was the result when AirTran began serving the Canton/Akron, Ohio, market.
"It starts with low cost and high quality," Leonard said. Leonard said he is confident that the Midwest Group board ultimately will accept his company's offer, which is valued at about $15 per share. Once that decision is made, Leonard said an acquisition agreement could be consummated in about 72 hours.
"There's not a lot of new things to learn here," Leonard said. He also promised that AirTran would be committed to serving Milwaukee's nonprofit community "as much or more" than Midwest does. "This will be the second-largest city in our system … It's good for business," Leonard said.
Fielding questions from a media panel, Leonard said he would not consider moving the merged company's headquarters to Milwaukee and would not consider keeping the Midwest name. In addition, Leonard said he would probably spend about 75 percent of his time in Milwaukee.
"If we pull this off, you will see a lot of me," Leonard said.
To view a photographic slideshow of today's Newsmaker Luncheon, visit the latest edition of SBT Around Town.
