Editorial Going once . . .

The airline business has its ups and downs in every sense of the word. A decade ago, Aer Lingus was heading into turbulence to the point that doubts were being expressed that the carrier could even maintain a service across the Atlantic.

For various reasons, there was a dramatic turnaround in the company’s fortune toward the end of the 1990s and right up until last year. The year 2001, however, has been a different story, with industrial unrest, softening economies, foot-and-mouth disease and now reports that the airline’s cash value is being downgraded even at a time when its fleet needs considerable upgrading.

No surprise then that there is speculation in the air that Aer Lingus might be offered for sale by its primary owner, the Irish government. But a sale to whom? Airlines merge and buy each other out on a regular basis in the U.S. But Aer Lingus belongs to the old school of flag-carrying airlines that for decades has been hitched to the wagon of national identity and pride. Is there time any longer for such sentiment in the era of the Celtic Tiger? Maybe not.

But there are sound economic reasons for being choosy should potential suitors begin lining up with a bargain in mind. For one thing, a buyer might not be the least bit interested in serving Ireland. Rather, its focus could be more on getting its hands on Aer Lingus landing slots at key hub airports in Europe and North America. Landing rights and parking space are much coveted in a time when the crowded tarmac has become as much a problem as the crowded sky.

The Irish government should be careful as to where it goes from here. Aer Lingus might indeed be soon for sale, but not for a song and not to a buyer that sees Ireland as simply a stopover on the flight path to somewhere else.