SWITZERLAND – Dairy giant Nestle is to invest CHF100 million (67.6m euro) in a new Swiss airline. Its participation is purely financial and it will assume no responsibility at management of board level.

The dairy has been in talks with the Swiss government and representatives of the Swiss economy for the last two weeks regarding the creation of a new national airline. Nestle had previously refused to commit shareholders’ funds to rescue Swissair but now believes that, as an internationally active corporation, it needs to ensure Switzerland remains well served with intercontinental flights.

In addition, the company believes that participating in an effort that encompasses all the major players in the Swiss economy is consistent with the position it occupies in Switzerland, as well as with an attitude of “responsible corporate citizenship”.

The minority stake it will hold in the new airline is equivalent to 3% of Nestle’s yearly investment volume in fixed assets.