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NEWS Last modified on July 8, 2015

Fraport agrees to sell controlling stake in cargo subsidiary to WFS

Fraport is to sell a 51% stake in its cargo subsidiary to WFS, with the deal expected to be completed in September.

Fraport believes that the new partnership will allow Frankfurt-based Fraport Cargo Services GmbH (FCS) to expand its global reach in "the rapidly moving and highly competitive air cargo industry".

The joint goal, it adds, is sustainable future success and strengthening Frankfurt Airport’s role as a major air cargo hub. 

The value of the transaction was not disclosed by either party.

Fraport's executive board chairman, Dr Stefan Schulte, says: “As in the past, the cargo business continues to be vitally important for our business model. 

"To continue developing our cargo handling business successfully, it has been our wish to find a strong and competent partner that offers a strong international network. 

"Thus, we are pleased today to announce this new strategic partnership with such a renowned international partner like WFS, to gain an even broader globally-linked base for successfully developing FCS further in the future.”

As a traditional high-quality air cargo handler, FCS is a leading player in the air cargo market at FRA, serving international airlines and logistic companies at the company’s modern freight terminals at the airport’s CargoCity South.

To ensure fast and smooth handling, FCS employs more than 600 experienced people taking special care of cargo and using tested and established processes with outstanding technology.

Olivier Bijaoui, WFS’ executive chairman, president & CEO, notes: “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.

"As Europe’s largest economy, Germany is obviously a prime focus in our growth plans. We could not ask for a stronger partner than Fraport, with whom we share a passion for quality and performance and likewise who has demonstrated a commitment to the cargo handling industry over more than 40 years.”       

 

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