Worldwide Flight Services (WFS) has completed its acquisition of a 51% shareholding in Fraport Cargo Services, confirming its strategic partnership with Fraport AG for airfreight handling at Frankfurt Airport.
WFS, the world’s largest air cargo handler, signed an agreement with Fraport in July 2015.
Olivier Bijaoui, Executive Chairman, President & CEO 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. This collaboration will build upon FCS’ decades of successful operations in the dynamic air cargo handling market.”
Fraport AG executive board chairman Dr. 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 labor 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 FRA and offers a full range of services for the complete physical and documentation handling requirements of airfreight shipments worldwide. With its team of more than 660 trained specialists, FCS handles about 500,000 tonnes of airfreight per year and counts some 40 airlines among its customers.
With annual revenues of €750 million, WFS is the world’s largest air cargo handler and a leading global provider of ground handling and technical services. Founded in 1971, WFS employs some 14,000 staff and is present at over 145 major airports in more than 22 countries on five continents. The company serves 50 million passengers and handles over four million metric tons of cargo per year for 300 airline customers.