Farnair deal to boost ASL Aviation sales

Irish airlines group ASL Aviation expects its turnover to hit €400 million a year on the back of an acquisition that it has just completed.

Dublin-based ASL, which operates freight networks and flies contract services in Europe and South Africa, has signed off on its takeover of Swiss airlines company Farnair that was announced a number of weeks ago.

The group said in a statement that the deal will give it a consolidated turnover of €400 million a year and earnings of more than €80 million and leave it with a workforce of 1,500.

ASL’s last financial report showed that it had revenues of more than €325 million last year, a cash flow of €45 million and earnings of €60 million.

Fedex

Some of its clients include

DHL

, Fedex and the French postal service. The group said that the Farnair takeover will increase the number of airlines within the organisation to seven and a fleet of more than 100 owned or operated aircraft.

Farnair operates a fleet of 20 cargo and passenger craft in Switzerland. The airline has a Hungarian subsidiary and two joint ventures, Quikjet India and K-Mile in south east Asia.