BEIJING, May 11, 2011 /PRNewswire/ -- Air China and Cathay Pacific Airways have announced the consolidation of their cargo businesses in a Beijing ceremony to launch the new Air China Cargo.
Air China will hold 51% of the shares and Cathay Pacific will hold 25% of the shares and 24% of economic interests in Air China Cargo. Air China Cargo's Board of Directors has four Air China members and three Cathay Pacific members. After the consolidation, Air China Cargo's fleet will include 12 B747-400 aircraft. The airline's operation center will be based in Shanghai.
The consolidation of Air China and Cathay Pacific's cargo businesses is part of the two airlines' long-term cooperation strategy. This latest collaboration will increase fleet development and strengthen the market position of both airlines. The operation center in Shanghai will satisfy the market demands of the Yangtze River Delta, which makes up two-thirds of Air China's service area. The cooperation will help Air China Cargo reach all-round global development.
SOURCE Air China