Comprehensive cargo alliance of Air China and Cathay Pacific
Cathay Pacific Group (Hong Kong) acquires 49 per cent of the shares of Air China Cargo After long and intense negotiations the Cathay Pacific Group and Air China have reached an agreement about the planned merger in air freight business. The two companies form a joint venture for air freight services with its headquarters in Shanghai. It is to start operating under the name Air China Cargo (ACC) from summer 2010. Cathay Pacific acquires 49 per cent of the company shares. The purchase price is USD 245 million. Air China holds 51 per cent of the ACC share capital. The joint venture strengthens Cathay Pacific Airways’ and Air China’s position in air freight business from and to China. Cathay Pacific Cargo continues to operate independently, focussing on services in the Pearl River Delta with the hub Hong Kong. Air China Cargo concentrates on the Yangtze Delta with the economic metropolis Shanghai and North China, including Beijing. The alliance provides the customers access to a diverse network of air freight services with departure and destination points in China. Air China Cargo takes over four Boeing 747 freight only machines from Cathay Pacific. The Chinese airline operates currently seven all-freighters. They serve 14 destinations. The Cathay Pacific Group flies 25 freight aircrafts to 37 destinations worldwide. Last year this fleet moved a transport volume of 1.3 million tons of air freight. Quelle: Österreichische Verkehrszeitung Portal: www.logistik-express.com |