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Panorama view of Asiana Airlines headquarters. (Photo = Asiana Airlines) |
[Alpha Biz= Kim Sangjin] Air Incheon is expected to become the second-largest cargo airline in Korea after Korean Air, following its acquisition of Asiana Airlines' cargo division.
According to the aviation industry on Wednesday, Air Incheon is set to sign the formal agreement to acquire Asiana Airlines' cargo division on January 16. Once the deal is finalized, Air Incheon will increase its fleet to 15 freighters, adding 11 freighters from Asiana Airlines to its existing 4 freighters, making it the second-largest cargo airline in Korea, after Korean Air, which operates 23 freighters.
The sale will proceed through a physical division of Asiana Airlines' cargo division, with Air Incheon absorbing and merging it. Air Incheon plans to hold a shareholders' meeting soon to approve the division and merger. Once Air Incheon makes the final payment of 470 billion Korean Won to Asiana Airlines through a paid-in capital increase, the transaction will be completed.
Air Incheon is preparing for business expansion, with plans to launch an integrated "Air Incheon" on July 1. The company is also relocating to a new office in the Magok One Grove building in Gangseo-gu, Seoul, to accommodate its growing workforce. The company currently employs around 200 people, but with the addition of 800 employees from Asiana Airlines' cargo division, the total number of employees will reach about 1,000. Air Incheon currently has offices at the Incheon International Airport cargo terminal and the Yeosan Building in Gangseo-gu, Seoul.
Additionally, Air Incheon is quickly expanding its overseas operations. The company has recently applied for a license from the U.S. Department of Transportation to operate regular cargo routes. Air Incheon did not previously have routes to the U.S. Before the acquisition deal is finalized, the company plans to lease a freighter from Asiana Airlines. Air Incheon is negotiating a lease agreement with Asiana Airlines to rent a B747-400F freighter.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
