WFS acquires majority stake in Fraport Cargo

Worldwide Flight Services will acquire a 51 percent share of Fraport Cargo Services as part of a partnership with Fraport AG.    Worldwide Flight Services (WFS) will acquire a 51 percent share of Fraport Cargo Services (FCS) as part of a partnership with Fraport AG.
   WFS said in a statement the investment is part of its plan to expand in Europe’s major cargo markets.
   Fraport will retain a 49 percent share in FCS. Financial terms of the deal, which is expected to close in September, were not disclosed.
   For more than 40 years, FCS has been the largest provider of cargo-handling services at Frankfurt Airport in Germany. FCS has a workforce of more than 600 employees. 
   WFS has become the world’s largest cargo handler, with 14,000 staff and a presence in more than 145 airports in 22 countries. The company, which handles more than 400 million tons of cargo a year for 300 airlines, is actively seeking expansion and acquisition opportunities worldwide.