“The successful completion of this transaction, more than 12 months after the agreement was first announced in March 2023, constitutes a significant milestone in the recovery and revitalisation of the ground handling company, with impact across the entire national economy”, says Menzies Aviation in a statement.
The Groundforce Portugal brand will disappear, as it becomes part of “the largest aviation services company in the world, with 45,000 employees and operations in more than 290 locations in more than 65 countries, on six continents”.
According to the information distributed, “Groundforce Portugal assists more than 100,000 aircraft movements every year at the five busiest airports in Portugal, where it provides ground and air cargo services to several world-leading airlines”. It employs more than 4,000 workers. The British company, owned by Agility, a Kuwaiti holding company, will have a 65% share in Portugal.
TAP maintains a 49.9% stake, with Menzies making a commitment to “strengthen aviation handling capacity in Portugal”, investing “in advanced technology” and “support staff development”.
“The announcement is the culmination of a year-long process to transfer ownership and move forward with the revitalization of the Portuguese aviation sector. We are committed to our strategic investment in the region, paving the way for a future where innovation and excellence take centre stage,” said Hassan El-Houry, executive chairman of Menzies Aviation, quoted in the statement.
“This milestone opens a new chapter for Menzies in Portugal and the Southern European region, and we look forward to working together to provide high-quality services across the country’s aviation network,” he added.
Menzies chose Portuguese manager Rui Gomes as executive leader of Groundforce, while Michael Stratman returns to Menzies to be chief operating officer in Portugal, after having been operations manager at Easyjet handling in Spain.
Portugal becoming less and less Portuguese. I am sure this government will sell whatever was left to foreign entities... Making Portugal the highest tax regime in EU and the most gentrified country if the whole EU.
By Carlos Pereira from Other on 06 Jun 2024, 13:22
And less than 2 months after the acquisition is done....the workers call a strike to close down the Portugal Airports for 2 days! GREAT Management...NOT!
By John Williams from Madeira on 17 Aug 2024, 10:19