 |
Asiana Airlines headquarters. (Photo: Asiana Airlines) |
[Alpha Biz= Kim Jisun] SEOUL, July 4 — Asiana Airlines announced it has completed the sale of its cargo business to Air Incheon for a total of KRW 470 billion (approx. USD 340 million). The transaction includes the full transfer of 11 freighter aircraft—ten Boeing 747s and one Boeing 767—as well as all related personnel.
The divestiture, first approved by Asiana’s board in November 2023, comes approximately 19 months later as a required condition for regulatory approval of its planned merger with Korean Air. In February 2023, the European Commission approved the merger on the condition that Asiana divest its cargo unit. The Japan Fair Trade Commission imposed similar conditions.
Air Incheon was selected as the preferred bidder in June 2023. A definitive agreement was signed on January 16, 2024, followed by approval from South Korea’s Ministry of Land, Infrastructure and Transport in March.
With the deal’s completion, Air Incheon now assumes full operational control of Asiana’s former cargo fleet and business. Asiana's cargo division played a crucial role in transporting high-value goods such as semiconductors and smartphones, as well as special cargo like rare cultural artifacts and endangered species.
Launched in November 1994 with freighter service between Seoul and Los Angeles, Asiana’s cargo business was instrumental during the COVID-19 pandemic, converting passenger aircraft to transport medical supplies and vaccines, thus helping to offset losses in passenger revenue.
In 2023, Asiana’s cargo business recorded KRW 1.72 trillion in revenue, up 7% year-over-year, and transported approximately 831,278 tons of cargo.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
