Atlas Air Worldwide Dry-Leasing Subsidiary Titan Aviation Acquires Boeing 777 Freighter
March 11 2013 - 9:00AM
Business Wire
Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading
global provider of outsourced aircraft and aviation operating
solutions, today announced the acquisition of a Boeing 777
Freighter by its dry-leasing subsidiary, Titan Aviation. The
aircraft is currently on long-term lease to AeroLogic GmbH, a cargo
airline based in Germany and a joint venture of DHL Express and
Lufthansa Cargo AG.
“With the purchase of this 777 freighter, we gain entry into an
attractive aircraft type consistent with our strategy of investing
in new technology that creates superior value for our customers,”
said William J. Flynn, President and Chief Executive Officer, Atlas
Air Worldwide.
“This deal represents an important part of our plan to grow
Titan’s dry-leasing platform through selective investments in
aircraft with existing leases that support leading operators in the
airfreight industry. While Titan is principally a cargo aircraft
dry lessor, its portfolio includes passenger narrow-body aircraft,
engines and related equipment. It also provides customers expertise
in asset management, passenger-to-freighter conversion, and other
technical services.”
Norddeutsche Landesbank Girozentrale (NORD/LB), a leading
aircraft financier based in Hanover, Germany, provided financing
for the 2010 vintage aircraft.
AeroLogic GmbH was founded in September 2007 with headquarters
in Schkeuditz/Leipzig, Germany. The AeroLogic fleet is composed of
eight Boeing 777Fs.
About Atlas Air Worldwide:
Atlas Air Worldwide is the parent company of Atlas Air, Inc.
(Atlas) and Titan Aviation Leasing (Titan), and is the majority
shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Atlas Air
Worldwide also maintains a 49% interest in Global Supply Systems
Limited (GSS). Through Atlas and Polar, Atlas Air Worldwide
operates the world’s largest fleet of Boeing 747 freighter
aircraft.
Atlas, Titan and Polar offer a range of outsourced aircraft and
aviation operating solutions that include ACMI service – in which
customers receive an aircraft, crew, maintenance and insurance on a
long-term basis; CMI service, for customers that provide their own
aircraft; express network and scheduled air cargo service; military
cargo and passenger charters; commercial cargo and passenger
charters; and dry leasing of aircraft and engines.
Atlas Air Worldwide’s press releases, SEC filings and other
information can be accessed through the Company’s home page,
www.atlasair.com.
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