Worldwide Flight Services (WFS) has completed its acquisition of a 51% shareholding in Fraport Cargo Services (FCS) for airfreight handling at Frankfurt Airport, the 2014 number one European airfreight hub at 2.2m tonnes.
Air cargo handler WFS, with annual revenues of €750m, signed an agreement with FCS parent Fraport in July this year.
Olivier Bijaoui, executive chairman, president and chief executive of WFS, said: “The closing of this major transaction is a milestone for WFS. Synergizing our combined strengths and expertise, we will further position the joint FCS company as the biggest cargo handler at one of the world’s most important cargo hubs.”
Fraport AG executive board chairman Stefan Schulte commented: “We are launching a new chapter in cargo handling at Frankfurt with a very strong and competent global partner. We look forward to our future cooperation with WFS, a win-win partnership for our companies as well as our customers.”
Michael Müller, Fraport AG’s executive board member and executive director of labour relations, added: “The goal of our strategic partnership is to expand FCS’ global reach in the rapidly moving and highly competitive air cargo industry, to achieve sustainable success, and to strengthen Frankfurt’s role as Europe’s leading air cargo airport in the international logistics chain.”
FCS is the largest airline-independent cargo handling provider at Frankfurt, handling about 500,000 tonnes of airfreight per year at the German hub, and counts some 40 airlines among its customers.
With annual revenues of €750m, WFS is the world’s largest air cargo handler and a leading global provider of ground handling and technical services.
