| History: |
Cathay Pacific Airways was
founded in Shanghai on September 24, 1946 with the airline's maiden
voyage from Hong Kong to Manila, and later on Shanghai with the
company's single Douglas C-47. In 1948 Butterfield & Swire bought 45% of
Cathay Pacific, with Australian National Airways taking 35% and founders
Farrell and de Kantzow taking 10% each. The new company began operations
on July 1, 1948 and was registered as Cathay Pacific Airways Ltd on
October 18, 1948. Swire later acquired 52% of Cathay Pacific and the
airline is still part of the Swire Group through Swire Pacific. The
airline expanded in the 1960s, acquiring Hong Kong Airways in 1959,
purchasing its first jet powered aircraft, the Convair 880, and
beginning international routes to Japan. Expansion continued through the
1980s, with service to Euorpe added. Cathay Pacific went public in 1986
and in January 1990, Cathay Pacific acquired a 35% share in Dragonair,
and a 60% share in cargo airline Air Hong Kong. In 1996 the Chinese
CITIC bought a 25% stake in Cathay Pacific. The Swire Group holding was
reduced to 44% as two other Chinese entities, CNAC and CTS acquired
holdings. In September 1998 Cathay Pacific became a founder member of
the oneworld alliance. In 2006 Cathay acquired Dragonair, with that
company's brand to be replaced Cathay's in 2007. |
