Freight Cargojet purchases 25% of 21Air
Canadian freight company Cargojet has announced a minority investment into 21Air.
Cargojet Inc. has completed a strategic minority investment into Greensboro, North Carolina headquartered cargo airline 21Air LLC, as the airline released in a statement. The deal represents a strategic move to grow in the future.
21Air has corporate offices in Miami, Florida and is currently certified by the Federal Aviation Administration (FAA) as a Part-121 air carrier. Currently, 21Air is operating freight services with a fleet of five Boeing 767 all cargo aircraft.
Dr. Ajay Virmani, President and CEO explained the investment: “This transaction is in line with Cargojet’s previously announced international growth strategy. This investment further demonstrates our ambition to build a more diversified and robust global footprint with strategic partnerships.”
Jim Crane, Chairman 21Air, added: “My relationship with Dr. Ajay Virmani goes back over twenty years, and we have accomplished a lot together with our teams. We are honored to have Cargojet as our partners and look forward to growing 21 Air into a major player in the international cargo space.“
Over the course of the minority investment, Cargojet is set to require 25% interest in 21Air and as time progresses will collaborate with the carrier on mutually beneficial opportunities. Ultimately, the airlines hope to expand their air cargo operations.
Cargojet is a leading freight carrier in Canada that is mainly offering cargo flights to major cities across North America. The airline provides International Charter services and dedicated ACMI services. Around 25 million pounds of cargo are being transported with Cargojet weekly.
The network is being served by an owned fleet of nearly 30 aircraft, consisting of nine Boeing 757-200 Freighters, two Boeing 767-200 Freighters and 16 Boeing 767-300 Freighters. The carrier was founded in February 2002 and commenced with operations in June 2002.
21Air currently provides Charter, ACMI and CMI services to major air cargo consolidators, freight forwarders, couriers, and global integrators, including Cargojet, the airline stated. The fleet of aircraft consists of three Boeing 767-200 Freighters and two Boeing 767-300 Freighters.
Source © cargojet.com