SINGAPORE groundhander SATS has announced a proposed acquisition of Paris-based Worldwide Flight Services (WFS), the world's largest air cargo handler to create a global leader in the aviation services sector.
The strategic acquisition will advance SATS (acronym derived from singapore Airport Terminal Services) that handles ground handling and in-flight catering for Changi Airport.
SATS controls about 80 per cent of Changi Airport's ground handling and catering business' twin growth engine strategy, expanding its network and capabilities in Asia and globally, while continuing to strengthen its Singapore core.
WFS generated revenue of EUR1.72 billion and EBITDA of EUR232 million based on unaudited financials for the 12 months ending March 31.
Said SATS president and CEO Kerry Mok: 'This is a transformational opportunity for SATS and our proposed acquisition of WFS will create a global leader that can become the go-to provider of mission critical aviation services.
'From our hub in Singapore, and in our newly combined markets, SATS and WFS will be at the heart of global trade flows, operating in the world's busiest airports and supporting the biggest companies,' said Mr Mok.
The combined network covers trade routes responsible for more than 50 per cent of global air cargo volume. WFS operates in five of the top 10 cargo airports in North America and EMEA, including Los Angeles, Chicago, Miami, Frankfurt and Paris. SATS is already present in four of the top 10 cargo airports in Asia, including Hong Kong,
WFS will become a wholly owned subsidiary of SATS after the proposed acquisition and will continue to be led by its CEO Craig Smyth, alongside other key members of the senior WFS management team.
SeaNews Turkey
The strategic acquisition will advance SATS (acronym derived from singapore Airport Terminal Services) that handles ground handling and in-flight catering for Changi Airport.
SATS controls about 80 per cent of Changi Airport's ground handling and catering business' twin growth engine strategy, expanding its network and capabilities in Asia and globally, while continuing to strengthen its Singapore core.
WFS generated revenue of EUR1.72 billion and EBITDA of EUR232 million based on unaudited financials for the 12 months ending March 31.
Said SATS president and CEO Kerry Mok: 'This is a transformational opportunity for SATS and our proposed acquisition of WFS will create a global leader that can become the go-to provider of mission critical aviation services.
'From our hub in Singapore, and in our newly combined markets, SATS and WFS will be at the heart of global trade flows, operating in the world's busiest airports and supporting the biggest companies,' said Mr Mok.
The combined network covers trade routes responsible for more than 50 per cent of global air cargo volume. WFS operates in five of the top 10 cargo airports in North America and EMEA, including Los Angeles, Chicago, Miami, Frankfurt and Paris. SATS is already present in four of the top 10 cargo airports in Asia, including Hong Kong,
WFS will become a wholly owned subsidiary of SATS after the proposed acquisition and will continue to be led by its CEO Craig Smyth, alongside other key members of the senior WFS management team.
SeaNews Turkey