、・。
Blue1 Airways was founded in 1988 as Air Botnia.
Literal
Blue1 Airways [topic-は], Air Botnia [as-として] 1988-year [in-に] was-founded.
A straightforward encyclopedic sentence. ~として ('as X,' 'in the capacity of X') marks the identity or name under which something existed or acted. The verb 創設される is the passive of 創設する ('to found, establish'), used here in its polite past form 創設されました — the passive is the conventional voice for origin statements in encyclopedic or news prose, where the founding body is less important than the founding event. Notice that 1988年に takes に to mark a point in time.