T'way Air Changes Articles of Incorporation for Headquarters Relocation from Seoul to Daegu... Address to Be Moved Soon

It Seems It Will Take Time Until the Complete Relocation of the Headquarters

T'way Air passed an amendment to its articles of incorporation at the shareholders' meeting held on the 31st to relocate its headquarters from Gangseo-gu, Seoul to Daegu.

Daegu City and T'way Air signed the "T'way Air Headquarters Relocation to Daegu Agreement" in July 2022 to revitalize Daegu Airport, ensure the successful construction of the Daegu-Gyeongbuk New Airport by 2030, and stimulate the regional economy. The resolution at this shareholders' meeting is a follow-up measure to implement the agreement.

T'way Air airplane at Daegu Airport.

Taking this headquarters relocation as an opportunity, Daegu City and T'way Air have agreed to strive to restore the international routes currently operating at Daegu Airport to pre-COVID-19 levels as soon as possible and actively promote the opening of new routes reflecting the demand for air passengers and air cargo in the Daegu-Gyeongbuk region.

A Daegu City official said, "T'way Air plans to immediately move its headquarters address to Daegu following the amendment of the articles of incorporation. However, it is expected that relocating the entire headquarters to Daegu will take a considerable amount of time. Currently, T'way Air operates a Daegu branch office within Daegu Airport."

T'way Air started the Daegu-Jeju route in 2014 and operated 16 routes, accounting for 70% of all international routes at Daegu Airport, including the Daegu-Osaka-Guam route in 2019, but due to the impact of COVID-19, it is currently operating only six routes.

T'way Air plans to gradually relocate its headquarters functions in line with the opening schedule of the Daegu-Gyeongbuk New Airport in 2030 and to promote the establishment of medium- and long-haul routes to the Americas and Europe reflecting the demand of city and provincial residents, as well as expand its MRO (maintenance, repair, and overhaul) business.

Hong Jun-pyo, Mayor of Daegu, said, "I welcome the headquarters relocation policy and hope that T'way Air will contribute to the growth of the Daegu-Gyeongbuk New Airport as a central airport in the mid-southern region by 2030 and faithfully fulfill its role as a regional hub airline by creating jobs and engaging in social contributions."