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Government approves drafting of Bill to establish Shannon Group plc
Transport Minister Leo Varadkar and Jobs Minister Richard Bruton announced today that the Government has 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.
Minister Varadkar said:
The changes that we have already made, and the further changes that will be facilitated by this Bill when enacted, will serve to drive the economy of the Shannon-Limerick area and the wider national economy. I have reconstituted the board of the Shannon Airport Authority and Minister Bruton has also appointed three members of the SAA board to the board of Shannon Development in order to augment the relationship between the two companies at the earliest possible stage.
Minister Bruton also welcomed the Government’s approval to advance this important piece of legislation:
By restructuring the enterprise agencies in the Shannon Free Zone we can ensure that indigenous and multinational industry already in the Zone or considering locating there have access to a comprehensive range of supports. By merging a strong independent Shannon Airport with the extensive property holdings, experience and expertise of Shannon Development we will create a strong new State company which will work with the IDA and Enterprise Ireland on developing an International Aviation Services Centre in the region. I am convinced that with strong implementation we can create a world-class cluster in this region and help create the growth and jobs we need.
Under the Bill a new State company, Shannon Group plc, will be established and the existing shareholdings held by the Government in both Shannon Development and Shannon Airport Authority will be transferred to the new company.
Shannon Airport was separated from the Dublin Airport Authority last December and now operates on an independent commercial basis. This will continue to be the case under the merged corporate structure that will be provided for in the new Bill.
Read the full press release
here.