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'Other' Dutch airline, Martinair, becomes wholly owned KLM unit; Nedlloyd divests
Martinair Holland, which used to refer to itself fondly as "the other Dutch airline," has been swallowed up by its rival KLM Royal Dutch Airlines. Under an agreement inked Feb. 5, Martinair will become a wholly owned subsidiary of KLM.
KLM, which has owned 50 percent of the airline since 1995, bought the other half of the shares from Royal Nedlloyd N.V Nedlloyd, a Rotterdam-based ocean shipping giant, chose to divest itself of the airline because it is not part of its core business.
KLM has turned the corner financially, posting $23 million in net earnings for 1997, a …