Swissport acquires Luxembourg-based CS-Lux and gains access to one of Europe's key air cargo hubs
Zurich Airport, October 15, 2002 - Swissport Cargo Services is to acquire the cargo handling activities of CS-Lux from a group of local investors. The transaction, which sees the acquisition of a 100% holding in the Luxembourg-based handler with retroactive effect to October 1, 2002, makes Swissport Cargo Services a direct competitor of Luxair, which has so far enjoyed a virtual monopoly of such airfreight handling activities.
The acquisition marks a further major step in Swissport's consistently forward-looking strategy, and underlines the importance the group attaches to the attractive cargo handling market. Luxembourg has long been regarded as one of Europe's key airfreight hubs, and is an invaluable addition to the global Swissport network. A number of the group's top clients in its key account management concept will now be able to benefit from this quality handling alternative.
CS-Lux currently employs some 30 personnel and generated total revenue of around CHF 2 million in 2001. The operation offers sizable development potential, however, and should be substantially expanded over the coming months and years.
The opening of the new Luxembourg station emphasises the vital importance that Swissport attaches to providing an extensive operating network. "We aim to be present at all key cargo hubs, offering a comprehensive standardised range of products and services," explains Dr. Ludwig Bertsch, Executive Vice-President Corporate Services and head of Swissport International's airfreight handling operations.
The acquisition extends the Swissport International network to over 160 airports in 29 countries. The group handles more than 60 million passengers and in excess of 2.5 million tonnes of cargo a year for more than 600 customers. With a workforce of over 18 000 employees active on four continents, Swissport expects to generate consolidated revenues of CHF 1.3 billion in 2002. Swissport International is majority-owned by London-based Candover Partners Ltd., the leading European buyout specialist.