2014-04-02 10:09:58 - Clare Senator Tony Mulcahy has received confirmation that the legislation setting up the new Shannon Group to take control of the running Shannon Airport and its surrounding landbank will be published later this month and enacted in June.
The move comes 9 months after the Government approved the drafting of the Shannon Aviation Services and Miscellaneous Provisions Bill 2013, paving the way for the creation of the new Shannon Group entity.
Senator Mulcahy said the legislation will be discussed at Cabinet level during the next week before it is approved. He explained that the legislation, which is expected to be enacted in June, will result in the existing shareholdings held by the Government in both Shannon Development and Shannon Airport Authority being transferred to Shannon Group plc.
Senator Mulcahy added: "By merging an independent Shannon Airport, which has already performed excellently in delivering new services, with the extensive property holdings, experience and expertise of Shannon Development this legislation will allow
for the creation of a strong State Company that will work with the IDA and Enterprise Ireland on developing an International Aviation Services Centre (IASC) in the wider Mid West Region."
"The formal establishment of the new entity will allow management to advance the IASC project, which will focus on further developing the existing cluster of aviation related businesses, employing 1,600 people, at Shannon into a globally significant aerospace cluster. This news is especially welcome considering it coincides with the commencement of 9 new Ryanair routes and the resumption by Aer Lingus of year-round services to New York from Shannon Airport for the first time in five years," concluded the Shannon-based Senator.