KOREAN Air is to establish a new cargo terminal at the Tianjin Binhai International Airport through a joint venture with Sinotrans Air to further its position in China.
"Establishing a joint venture between the largest logistics companies in Korea and China is a significant milestone for the future development of both entities," said Yang Ho Cho, chairman and CEO of Korean Air.
A total of US$ 43.85 million will be invested in the new cargo terminal. Korean Air and Sinotrans Air will hold a 47 per cent and 20 per cent stake in the joint venture respectively.
The remainder will be held by Korea Airport Service (15%), Hanjin Transportation (10%), and Tianjin Dongfang Credit Investment Company (8%). |
