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Worldwide Flight Services to buy 51pc of Fraport Cargo Services
PARIS based Worldwide Flight Services (WFS) will acquire a 51 per cent stake in Fraport Cargo Services (FCS) in a deal that is expected to close in September, reports Washington area Air Transport World.
The stated goal is to expand the global reach of FCS, as well as strengthen Frankfurt Airport's role as a cargo hub.
Fraport, which employs 600 staff, will retain 49 per cent and play a substantial role in the company's management, according to the joint statement. The value of the transaction was not disclosed.
"This is a major transaction that positions our joint company as the leading cargo handler at one of the biggest cargo airports in the world," said WFS chairman, president and CEO Olivier Bijaoui.
WFS has annual revenues of EUR700 million (US$764 million), serves 50 million passengers and handles four million tonnes of cargo per year for 300 airlines.
At its Frankfurt Airport home base, Fraport handled about 60 million passengers and 2.2 million tonnes of cargo in 2014.
The stated goal is to expand the global reach of FCS, as well as strengthen Frankfurt Airport's role as a cargo hub.
Fraport, which employs 600 staff, will retain 49 per cent and play a substantial role in the company's management, according to the joint statement. The value of the transaction was not disclosed.
"This is a major transaction that positions our joint company as the leading cargo handler at one of the biggest cargo airports in the world," said WFS chairman, president and CEO Olivier Bijaoui.
WFS has annual revenues of EUR700 million (US$764 million), serves 50 million passengers and handles four million tonnes of cargo per year for 300 airlines.
At its Frankfurt Airport home base, Fraport handled about 60 million passengers and 2.2 million tonnes of cargo in 2014.
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