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Swissport Puerto Rico Inc. sold

Zürich / San Juan, June 26, 2002 - Swissport International Ltd. completed the transaction to sell 100% of the equity of its Puerto Rican subsidiary. The transaction will become effective June 30.


The company will continue to operate at the international airport of San Juan under a new brand name fully honouring all existing contracts with customers, staff and business partners.


To guarantee 100% continuity of the valued relationship with all business partners, the current President & CEO, Armin Unternährer will stay on board under the new ownership for a period of at least another 2 months. The commitment to render ongoing high quality services and best value for money, was strongly emphasized when the company only recently successfully renewed its ISO9002 certification. (Unique in the Puerto Rican market)


This transaction preserves more than 180 Jobs, which would have been lost in case of a liquidation of the company.


The unfavourable conditions in the Ground Handling Market in San Juan, which have been amplified by the consequences of the September 11 events and the lack of signs for a quick improvement in this market are the main reasons for the withdrawal of Swissport from Puerto Rico. Alfonso Fernandez, President of IVY Investment Group, Inc. will be able to benefit from synergies with his other business activities in Puerto Rico.

 

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