Korean Air has announced that it is developing a new air cargo terminal at the Tianjin Binhai International Airport through a joint venture that includes Sinotrans Air Transportation Development, a subsidiary of Sinotrans Ltd.
US$43.8 million will be invested in the new air cargo terminal, a statement from Korean Air said. The company said it is developing the airfreight terminal in Tianjin to strengthen its position in the China market.
"Establishing a joint venture between the largest logistics companies in Korea and China is a significant milestone for the future development of both entities," said Yang Ho Cho, chairman and CEO of Korean Air. "Through the continuous investment, we aim to further develop this successful partnership."
Korean Air said it will hold 47 percent in the joint venture air cargo terminal, while Sinotrans Air will hold 20 percent. The rest will be held by Korea Airport Service with a 15 percent stake, Hanjin Transportation Co Ltd (10 percent), and Tianjin Dongfang Credit Investment Company Ltd (eight percent), the release added.
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