DHL Announces Acquisition Of Stake In Star Air Cargo
DHL, the world’s leading global express delivery and logistics company, today announced the acquisition of a 49% minority equity interest and a 24.9% voting interest in ASTAR Air Cargo of Miami, Fla. DHL also extended its ACMI contract with the carrier through 2019. The financial terms of DHL’s investment in ASTAR were not disclosed.
“Our investment in ASTAR signals another major commitment to the U.S. market by DHL. This represents a major milestone as we deliver on our strategy to provide a compelling alternative in the domestic express delivery market,” stated Hans Hickler, DHL Express Chief Executive Officer in the U.S.
DHL has recently made targeted aviation investments in order to build greater resiliency in the air network supporting its U.S. operations. The first of these was the company’s recent investment in Polar Air Cargo, Inc., of Purchase, NY, which will enable DHL to better serve customers demanding express delivery services from the U.S. to Asia. DHL also recently announced orders for six Boeing 767-300ER freighters for use mainly between Europe and the United States. Today’s announcement strengthens DHL’s US aviation network and positions the company well for the future.
DHL has contracted under its current ACMI arrangement with ASTAR for air transportation services since 2003 when an investment group led by ASTAR Chairman, President, and Chief Executive Officer John Dasburg purchased ASTAR. ASTAR operates a fleet of 44 aircraft to serve customers throughout the U.S., Europe and the Middle East; it directs flight operations out of its Wilmington, OH hub with gateways in New York, Los Angeles, and Miami.
“Today’s announcement signals DHL’s confidence in the capabilities of ASTAR and the high quality of air cargo services ASTAR provides to DHL in the U.S.,” said Dasburg. “We share DHL’s commitment to the highest levels of customer satisfaction and are pleased to be deepening our relationship with a company whose customer-centric culture so closely aligns with our own.”
Dasburg and the other senior ASTAR executives will continue in their current positions, with Dasburg as Chairman, President and CEO of ASTAR. Hans Hickler, CEO DHL Express USA, has joined the ASTAR board of directors.
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