Regulatory Announcements
14 February 2002
With operations at Schiphol and Rotterdam airports, Fr8 handles over 320,000 tonnes of cargo per annum for 38 airlines and employs 425 staff. Its key customers include Martinair, Air France, Asiana Airlines, British Airways, Cargolux, Cathay Pacific, China Airlines, Delta Airlines, Lufthansa Cargo, Royal Jordanian Airlines, Saudi Arabian Airlines, South African Airways and Varig.
MAG entered the ground handling business in The Netherlands at the end of 2000 following its acquisition of Ogden Ground Services. As well as the provision of passenger and ramp services, it currently handles cargo for 16 airlines in Amsterdam. The combined cargo business will use Fr8's modern 450,000 square foot cargo terminal at Schiphol to handle more than 370,000 tonnes per annum for over 50 airlines.
The Board of John Menzies plc expects the merged business to be profitable and the acquisition of Fr8 to be earnings enhancing in the first year.
A binding agreement is expected to be signed and the acquisition completed by the end of March. Further details will be provided upon completion.
Peter Smith, Chief Executive of Menzies Aviation Group, said:
" The acquisition of Fr8 will be a significant development for MAG and enable us to build on our current ramp, passenger and cargo activities at Schiphol Airport. It will allow MAG to link our substantial UK cargo handling, trucking and forwarding network with another key European freight hub."
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Menzies Aviation Group Acquires Fr8 to become Leading Independent Cargo Handler in the Netherlands
Menzies Aviation Group (MAG), the aviation division of the international support services group John Menzies plc, has signed a Heads of Terms agreement with Beheersmaatschappij Lubbers BV to acquire Dutch cargo handler Fr8 (formerly CSC Nederland). The transaction will create the largest independent cargo handler in The Netherlands.With operations at Schiphol and Rotterdam airports, Fr8 handles over 320,000 tonnes of cargo per annum for 38 airlines and employs 425 staff. Its key customers include Martinair, Air France, Asiana Airlines, British Airways, Cargolux, Cathay Pacific, China Airlines, Delta Airlines, Lufthansa Cargo, Royal Jordanian Airlines, Saudi Arabian Airlines, South African Airways and Varig.
MAG entered the ground handling business in The Netherlands at the end of 2000 following its acquisition of Ogden Ground Services. As well as the provision of passenger and ramp services, it currently handles cargo for 16 airlines in Amsterdam. The combined cargo business will use Fr8's modern 450,000 square foot cargo terminal at Schiphol to handle more than 370,000 tonnes per annum for over 50 airlines.
The Board of John Menzies plc expects the merged business to be profitable and the acquisition of Fr8 to be earnings enhancing in the first year.
A binding agreement is expected to be signed and the acquisition completed by the end of March. Further details will be provided upon completion.
Peter Smith, Chief Executive of Menzies Aviation Group, said:
" The acquisition of Fr8 will be a significant development for MAG and enable us to build on our current ramp, passenger and cargo activities at Schiphol Airport. It will allow MAG to link our substantial UK cargo handling, trucking and forwarding network with another key European freight hub."
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