ATLAS AIR TAKES STAKE IN U.K. AIRLINE

ATLAS AIR TAKES STAKE IN U.K. AIRLINE

   Atlas Air Inc. said Thursday it has taken a 49-percent stake in a new United Kingdom-based airline, Global Supply Systems Ltd.

   The new airline, started by entrepreneur John Porter, who owns 51 percent, will provide leases covering Boeing 747 freighter aircraft, including crew, maintenance and insurance, to U.K. airlines.

   Global anticipates starting operations this fall, and will base its operations out of London's Stansted Airport. British Airways will be its first customer, wet leasing two 747-400s under a multiyear agreement. At that time, Atlas Air will convert its wet-lease contracts with BA to global. Global will lease those first two aircraft from Atlas.

   “We believe that the demand for low-cost heavy air freight capacity in the U.K. will continue to grow. With this investment, we are positioning ourselves to capitalize on that growth, while adapting to the changing regulatory environment in the U.K.,” said Richard Shuyler, chief executive officer of Atlas Air.

   Atlas, based in Purchase, N.Y., operates a fleet of 747 freighters under contracts with international airlines.