Air Atlanta Icelandic owner Avion Group has changed its name
to become Eimskipafelag
reflecting its changing revenue streams.
During a shareholders meeting
yesterday Avion’s board
approved the name change, which will see it turn away from the aviation-related
branding that it officially adopted in January last year.
The strategic shift follows Avion’s acquisition of Icelandic
shipping firm Eimskip in
June 2005, which it has since grown through further acquisitions.
Eimskipafelag Islands chairman Magnus Thorsteinsson says: “Now, approximately 80% of the
Group’s turnover is generated from Eimskip.
With Eimskip’s well
established brand in Iceland
and around the world, it is entirely appropriate to change our name to
emphasise our origins as well as our current business activities.”
In contrast, the newly renamed firm
has recently been disposing of its aviation interests. Last month it struck a $450 million deal to sell its XL Leisure Group
division, which includes its charter interests Excel Airways, Star Airlines and Star Europe, to a team led by XL
chief executive Phillip Wyatt.
Eimskipafelag Islands has also
agreed to sell a 51% stake in its aircraft acquisitions unit Avion Aircraft Trading to a
buy-out team including Avion Aircraft Trading executives and the founder of
Air Atlanta Icelandic.