PANALPINA BUYS STAKE IN SWISSGLOBALCARGO BACK FROM SAIR
The Panalpina Group said Monday it has bought back a 45-percent stake in air freight operator SwissGlobalCargo which Panalpina had sold to SAirLogistics in April 1999.
SwissGlobalCargo is a joint venture between Swiss-based forwarding and logistics giant Panalpina and Swisscargo, the capacity management arm of SAirLogistics. Since last summer, the venture has been providing heavyweight time-definite air freight services between Europe and North America as well as between Europe and the Far East and South Africa.
Panalpina's principal shareholder, the Ernst G'hner Foundation, has repurchased a 10-percent stake that SAirGroup held in the share capital of Panalpina Holding. Consequently, Klaus Knappik, SAirGroup's representative on Panalpina's board of directors, has resigned.
Bruno Sidler, chief executive officer of Panalpina, said the re-acquisitions would not negatively impact the cooperation between Panalpina and Swisscargo, nor would it influence SwissGlobalCargo's operational performance.
Knappik said SAirGroup's sale of those interests reflects the company's aim to refocus on its core business: airport-to-airport air freight.
