ABX Air reorganizes, closes on CHI deal
Air cargo airline ABX Air said Monday it finalized the acquisition of Cargo Holdings International for $332 million and created a holding company structure under which the two companies will operate. ABX originally announced the deal two months ago.
Shareholders of ABX Air, one of two primary overnight air carriage providers for DHL in the United States, are now owners of ABX Holdings.
Cargo Holdings has annual revenue of about $300 million and provides air cargo transportation and related services to domestic and foreign air carriers, and other companies that outsource air cargo lift requirements. It also provides aircraft leasing, fuel management, specialized transportation management and air charter brokerage services.
Orlando, Fla.-based Cargo Holdings operates 32 aircraft and customers include BAX/Schenker, the U.S. government, DHL, the U.S. Postal Service and UPS.
Collectively, the two firms will have a total fleet of more than 135 planes.