Atlanta Business Chronicle - 8:50 AM EDT Thursday
World Air Holdings buys private airline
World Air Holdings Inc. has bought Jamaica, N.Y.-based North American Airlines Inc. for $35 million.
"The inclusion of North American under the umbrella of World Air Holdings diversifies our revenue mix, strengthens our customer base and builds our reputation and leadership as a premier provider of charter airline services," said Randy Martinez, CEO of Peachtree City-based World Air Holdings (NASDAQ: WLDA). "North American greatly expands our product mix in the military and commercial charter market, with its three Boeing 767 and five Boeing 757 passenger aircraft, and complements the service provided by World Airways with larger wide-body aircraft. North American provides immediate access to a fleet of mid-size aircraft, enhancing our flexibility and increasing our ability to profitably expand service in commercial markets."
North American generated more than $200 million in revenue in 2004 and has been consistently profitable. The company also has no long-term debt and its fleet of eight leased aircraft have an average age of less than seven years.
World Airways and North American will be managed independently under their respective operating certificates. North American will maintain its operational headquarters at John F. Kennedy International Airport in New York and World Airways will still be based in Peachtree City.
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