Lufthansa Cargo buys time:matters

The German cargo airline acquired same-day delivery company time:matters Group, which it had originally spun off as a subsidiary in 2002.

   Lufthansa Cargo has acquired same-day delivery company time:matters Group, the airline said.
   Financial terms of the deal were not disclosed by the German airline.
   However, Lufthansa, which spun off time:matters as a subsidiary in 2002, retained a 49 percent share in the company. The majority of the 51 percent shareholding had been held by financial investor Aheim Capital and time:matters management.
   “Since 2006, we have more than tripled our revenue to over 65 million euros (U.S. $72.3 million),” said time:matters CEO Franz-Joseph Miller in a statement.
   Lufthansa Cargo Chairman and CEO Peter Gerber praised how time:matters has become a leading same-day service provider across Europe in recent years, and said the company will be maintained by the airline as an independent company.
   “After around ten years of intensive cooperation with the time:matters management team, we are pleased to be in a position to hand over to Lufthansa Cargo a company which, with its employees, is among the most innovative and creative in its industry and therefore represents an excellent platform for future air freight logistics concepts for the Lufthansa Group,” added Peter Blumenwitz from Aheim Capital.