ABX Air to acquire Cargo Holdings International

ABX Air to acquire Cargo Holdings International

ABX Air Inc. said it has agreed to acquire Cargo Holdings International Inc. of Orlando, Fla. for about $350 million.

   Cargo Holdings has annual revenue of about $300 million and provides air cargo transportation and related services to domestic and foreign air carriers, and other companies that outsource air cargo lift requirements. It also provides aircraft leasing, fuel management, specialized transportation management and air charter brokerage services.

   Cargo Holdings operates 32 aircraft and customers include BAX/Schenker, the U.S. government, DHL, the U.S. Postal Service and UPS.

   Collectively, the two firms will have a total fleet of more than 135 aircraft.

   “The acquisition will create one of the world’s leading diversified providers of integrated air cargo services,” said Joe Hete, ABX’s president and chief executive officer.