Skylink grabs bargain for Cargojet stake

CANADIAN cargo operator, Cargojet, has sold its 55 per cent stake in the Cargojet Regional Partnership to Skylink Express. The C$3.2 million (US$3.3 million) deal means that Skylink is the sole owner of the partnership.

Dan Rocheleau, president of SkyLink Express, said, “This deal will make Skylink Express the largest regional air cargo operator in Canada. We have a long history in this business and highly qualified management and operations teams, so we are well-positioned to take SkyLink Express through this growth phase and on to greater heights.”

“The sale of our regional air cargo business was a difficult but necessary decision that was made in the best interests of our customers, our employees and our unit holders,” said Ajay Virmani, Cargojet chief executive officer, referring to the C$2 million the carrier lost in the deal. “Sustaining a profitable regional air cargo business has been especially challenging, as recent economic conditions have resulted in a decline in customer demand and lower yields.

“The elimination of the drag on our financial and administrative resources will allow Cargojet to continue to focus upon and to seek further profitable growth opportunities in its national and international air cargo programmes.”