WFS acquires 51% stake in Fraport Cargo Services

Worldwide Flight Services (WFS) is to acquire a 51% shareholding in Fraport Cargo Services (FCS) as part of a strategic partnership with Fraport AG. The investment is part of WFS’ strategy to continue to expand in Europe’s major cargo markets. Fraport is to retain a 49% share in FCS and will continue to take a substantial role in the management of the company. Terms of the transaction, which WFS and Fraport plan to close by September 2015, have not been disclosed. For over 40 years, Fraport Cargo Services has been the largest provider of independent cargo handling services at Frankfurt Airport, Europe’s joint largest cargo airport alongside Paris CDG. In 2014, cargo and mail traffic through Frankfurt rose 1.8% to some 2.1 million tonnes. FCS employs more than 600 cargo handling professionals at its modern freight centres in the airport’s CargoCity South and provides services to most of the world’s leading air carriers.