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Indiaexportnews.com

Cargo Airport Services acquires IAS

  13.08.2013    

New York's Cargo Airport Services (CAS), a provider of cargo handling services, has acquired Integrated Airline Services (IAS), reports Atlanta area Air Cargo World.
Started in 1984, and operating in 41 airports, IAS delivers warehousing, mail handling, aircraft handling and passenger ticketing/boarding.
IAS' customers include EVA Airways, Kalitta Airways, Lufthansa Cargo AG, Singapore Airlines, China Airlines Cargo, Korean Airlines Cargo, Cargolux, DHL, UPS and the US Postal Service.
Said CAS chief executive Michael Duffy: "We can now offer a greater range of solutions in more markets. With this acquisition, CAS will now operate in 50 locations throughout North America."
Said former IAS chief executive Terry Combs: "The combination of IAS and CAS service locations will provide more efficient and more economical options. The customers will be the greatest benefactors."
CAS has annual revenues of US$130 million and handles 1.1 million tonnes of cargo a year with a workforce of 1,900. IAS annual revenues are $65 million and its workforce of 1,600 handles more than 300 thousand tonnes a year.
Based at JFK, CAS is largest independent cargo handling company in North America. CAS expansion plans include openings in other international gateways throughout North and South America. CAS is backed by ICV Partners, a New York-based private equity firm.



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