SITA is the world's leading specialist in air transport communications and information technology and have now acquired Cargolux’s 49% stake in CHAMP Cargosystems, making them the sole shareholder.
In recent years the Luxembourg cargo company has been bringing in less and less revenue in CHAMP Cargosystems ($31.6m in 2018, $16.6m in 2019, $5.8m in 2020) which originated when Cargolux split its IT division into a separate venture. It is not out of the realms of possibility that SITA will sell out the entire company, indicates freight and logistics media outlet, The Loadstar but SITA said the move will increase CHAMP’s flexibility.
Our Luxembourg team led by Thierry Lohest and our team from The Netherlands led by Jan-Willem van Rooij with the support of Victor van Nuland and Skander Kedri, guided and supported SITA throughout the entire process.
For more information, read the article here.