Cargojet exits Regional Partnership
- Latest News
- Sunday, 18 July 2010
SkyLink now will operate the business under its own trade name, Skylink Express, and will own 100 per cent of the business. Cargojet will take a one-time non-cash loss of approximately C$2.0 million on the sale.
"The sale of our regional air cargo business was a difficult but necessary decision that was made in the best interests of our customers, our employees and our unit holders," said Ajay Virmani, Cargojet president and ceo. "Sustaining a profitable regional air cargo business has been especially challenging, as recent economic conditions have resulted in a decline in customer demand and lower yields.
"The elimination of the drag on our financial and administrative resources will allow Cargojet to continue to focus upon and to seek further profitable growth opportunities in its national and international air cargo programs."
Cargojet is claimed to be Canada's leading provider of time-sensitive overnight air cargo services.
It operates a network across North America, transporting more than 300,000 kg of time-sensitive air cargo each business night, utilising a fleet of thirteen B727, B757 and B767 all-cargo aircraft.
