The rapid transformation of French transport group CMA CGM has taken another major step today with news the Rodolphe Saadé-led company will invest in Air France-KLM, joining forces in the air cargo domain.
Long-term strategic partnership
The long-term strategic partnership signed will see both parties combine their complementary cargo networks, full freighter capacity and dedicated services.
The agreement will have an initial duration of 10 years. Air France-KLM and CMA CGM will join and exclusively operate the full-freighter aircraft capacity of the respective airlines consisting initially of a fleet of 10 full-freighter aircraft, and an additional combined 12 aircraft on order. This new commercial partnership also covers Air France-KLM’s belly aircraft capacity, including over 160 long-haul aircraft.
CMA CGM, which posted a net profit of $18bn last year, also said today it would take up to 9% of Air France-KLM’s ex-post share capital.
Saadé, the chairman and CEO of CMA CGM, said: “I am very pleased with this strategic partnership with Air France-KLM. It allows us to significantly accelerate the development of our air division, CMA CGM Air Cargo, which was created just over a year ago, and to position our two companies among the world’s leading players in air freight.”
Saadé said the partnership is fully in line with CMA CGM’s strategy and ambition to become a leader in integrated logistics.
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Source: CMA CGM
