OLYMPIC AIRWAYS

Greek Olimpiaki Aeroporia, Greek airline founded on April 6, 1957, by the Greek shipowner Aristotle Onassis (1906?75) but, from 1975, wholly owned by the Greek government. Services from Greece into western Europe began in 1957, and by 1980 services extended throughout Greece and internationally from Athens to many of the major cities of Europe and the Middle East, as well as to North America, Africa, Southeast Asia, and Australia. The airline grew out of three predecessorsTechnical and Aeronautical Exploitations Company (TAE, formed in 1940), Hellenic Airlines (Hellas, formed in 1947), and Aeroporiki Metafori Elados (AME)none of which were successful; in 1951 they were amalgamated under the TAE name, with the participation of the Greek government but still under largely private ownership. In 1955 the company was nationalized and, in 1957, sold to Onassis, who reorganized the company under its present name and eventually made it into a highly efficient and profitable operation. On Jan. 1, 1975, Olympic Airways was taken over by the Greek government, which purchased all shares and assets in the company owned by Onassis and his associates.