Qatar Airways has purchased 35% stake in the Luxembourg freight carrier, Cargolux. The deal, according to the airlines, marks the beginning of a strategic partnership between two companies.
For Qatar Airways, the move has helped them with their expansion plans in Europe, while it allows the state of Luxembourg to divest the stake it bought as a part of restructuring of Cargolux Airlines International SA in 2009. Qatar Airways Chairman Shaikh Hamad Jassim Bin Jabr Al Thani is confident of making the Qatar Airways a major air freight by 2015.
Frank Reimen, the CEO of Cargolux, said the two companies had identified several synergies and adding that the partnership will boost Cargolux’s earnings at the same time benefiting the Luxembourg economy.
Cargolux posted $59.8 million in profit last year. It operates 16 Boeing 747-400 freighters covering 90 destinations and employs over 1,400 people globally.
Source: Khaleejtimes, CNBC