Cargo handler WFS takes control of Fraport
THE world’s biggest air cargo ground handler Worldwide Flight Services (WFS) has completed its planned acquisition of a 51 per cent shareholding in Germany’s Fraport Cargo Services.
The deal confirms a strategic partnership with Fraport for airfreight handling services at Frankfurt Airport.
Olivier Bijaoui, executive chairman of WFS, says it is a major 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.”
For Fraport, it is new chapter in cargo handling at Frankfurt “with a very strong and competent global partner”, says executive board chairman Dr Stefan Schulte.
FCS is the largest airline-independent cargo handling provider at Frankfurt and offers a full range of services for the complete physical and documentation handling requirements of airfreight shipments worldwide.
It has a team of more than 660 trained specialists, handles some 500,000 tonnes of airfreight a year and counts 40 airlines among its customers.
With annual revenues of €750 million, WFS is the world’s biggest air cargo handler. Founded in 1971, it employs 14,000 staff and is present at 145 major airports in more than 22 countries on five continents. The company handles more than four million tonnes of cargo per year for 300 airline customers.
Last year, the Fraport Group generated sales of €2.4 billion and profit of about €252 million, handling some 2.2 million tonnes of cargo (airfreight and airmail).