Atlas Air Worldwide Announces ACMI Placement with EL AL

Date : 01/07/2020 @ 2:00PM
Source : GlobeNewswire Inc.
Stock : Atlas Air Worldwide Holdings (AAWW)
Quote : 25.34  0.87 (3.56%) @ 1:00AM
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Atlas Air Worldwide Announces ACMI Placement with EL AL

Atlas Air Worldwide (NASDAQ:AAWW)
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Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced that its Atlas Air, Inc. unit and EL AL Israel Airline Ltd. have entered into an agreement that enables EL AL to expand its reach and cargo lift for its customers.

Under the terms of the ACMI (aircraft, crew, maintenance and insurance) agreement, Atlas Air will operate a Boeing 747-400 Freighter for capacity on significant routes, mainly Liege – Tel Aviv, beginning in January 2020.

The 747-400 will provide additional revenue cargo volume to serve the strong growth in demand across EL AL’s freight network.

“This new agreement will allow EL AL to capitalize on the state-of-the-art service solutions provided by our aircraft,” said John Dietrich, President and Chief Executive Officer, Atlas Air Worldwide. “We welcome EL AL as a new customer and look forward to supporting EL AL as it continues to capture market opportunities and enhance its position as a leader in Israel’s cargo industry.”

Ronen Spira, head of EL AL’s Cargo Division, said, “We are committed to providing our customers with a variety of cargo solutions. This strategic initiative with Atlas Air enables us to provide our customers with a stable and high-quality operation for all types of cargo. Atlas Air’s fleet of 747 aircraft is well-suited to support EL AL’s operations and schedules.”

About Atlas Air Worldwide:

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc., Southern Air Holdings, Inc. and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate the world’s largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767, 757 and 737 aircraft for domestic, regional and international cargo and passenger operations.

Atlas Air Worldwide’s press releases, SEC filings and other information may be accessed through the company’s home page, www.atlasairworldwide.com.

Contacts: Dan Loh (Investors) – (914) 701-8200 Debbie Coffey (Media) – (914) 701-8951
   

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