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West Atlantic AB (publ) announces sale of two ATP freighters

By March 28, 2018 No Comments

Generated by the decision in 2017 to start marketing spare BAE ATP-F aircraft for dry-leasing and sale West Atlantic can today announce that an agreement has been reached for the sale of two BAE ATP freighters to EnComm Ltd., based out of Nairobi, Kenya. The agreement also includes commitments for spares, engineering and training support to assist the assigned operator in setting up its operation.

As part of the transaction West Atlantic also brokered an additional two BAE ATP passenger aircraft, currently owned by one of the Group’s collaboration partners.

This transaction marks the first step in reallocating our ATP aircraft portfolio into markets and geographies that can capitalise in full on the benefits of this efficient turboprop”, stated West Atlantic’s VP Aircraft Management Robert Drews, adding “we are now dedicated to providing all necessary support to ensure that the operation is set up as efficiently as possible.”

Financially the transaction will generate a significant contribution to cash flow and net income for the first quarter of 2018, in line with provided guidance.

 

For further information, please contact:

Fredrik Groth, CEO

Telephone: +46 (0) 10-452 97 09

E-mail: Fredrik.Groth@westatlantic.eu

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2018-03-28, 17. CET.

 

About West Atlantic

The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO’s and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press release