Press Release: UAL Corporation
May 18, 2001
CHICAGO, IL -- UAL Corporation (NYSE: UAL), the holding company whose primary subsidiary is United Airlines, today
said that its Board of Directors has authorized it to enter the business aviation market by establishing a stand-alone
business devoted to fractional ownership of business jets. The company will negotiate with manufactures definitive
orders and/or options for a substantial number of business aircraft, leading toward the operation of approximately
200 business aircraft by 2005.
Commenting on the new fractional ownership business, United Airlines Chairman and Chief Executive Officer James
E. Goodwin, said, ``The business aviation industry has seen dramatic growth over the last 10 years, reflecting
the needs of the market and particularly, the needs of our corporate customers. We believe that given our operational
excellence and our 75 years of aviation experience, we are positioned to supply a unique product, blending that
experience and excellence with a quality product and the very highest standards of customer service consistent
with those found in the world's finest hotels.
While the new fractional ownership business will be funded by and linked to United's operating capabilities, it
will otherwise be fully separate from United.
UAL Corporation intends to make further announcements about the new subsidiary shortly.
SOURCE: UAL Corporation