MENZIES ACQUIRES REMAINING SHARES OF MENZIES WORLD CARGO
Menzies Aviation Group, the aviation services subsidiary of John Menzies plc, has acquired from GlobeGround GmbH the 20 percent shareholding in Menzies World Cargo.
As a result of the transaction, MWC is now fully owned by MAG. MAG purchased the shareholding stake for '5.1 million ($7.3 million), a company spokesperson said.
Additionally, MAG has sold to GlobeGround its 49-percent share of GlobeGround’s U.K. passenger service operation, GlobeGround U.K., for '5.8 million ($8.3 million).
“We are delighted with the outcome of our discussions with GlobeGround, which have been ongoing since its divestment from Lufthansa AG,” said Peter Smith, chief executive of MAG.
Menzies World Cargo, one of the United Kingdom’s leading independent cargo handling organizations, handles more than 350 tons of air freight annually for various carriers.
MENZIES ACQUIRES REMAINING SHARES OF MENZIES WORLD CARGO
