WFS purchases Fraport Cargo Services
According to the agreement, Fraport will retain 49 percent of its share in FCS. Additionally, Fraport will have a significant role in the company’s management.
“This is a major transaction that positions WFS and FCS as the leading cargo handler at one of the biggest cargo airports in the world,” Olivier Bijaoui, CEO and president of WFS, said. “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 have demonstrated a commitment to the cargo handling industry over more than 40 years."
Further details about the transaction, which is scheduled to close by September, have not been disclosed.
"As in the past, the cargo business continues to be vitally important for our business model,” Stefan Schulte, Fraport AG executive board chairman, said. “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."