ASL Aviation Group has sold its fully-owned, Budapest-based cargo handling subsidiary FARNAIR Handling to Menzies Aviation.
The value of the transaction has not been disclosed.
FARNAIR Handling is one of three cargo handlers at Budapest. In 2016, it handled over 19.6 tonnes of cargo, giving it some 17.5% market share in this segment according to the airport operator's statistics. It competes with Celebi Ground Handling and Malev Ground Handling. FARNAIR Handling does not operate in passenger handling sector.
The company's name is a remnant of Farnair Hungary, a cargo airline which was bought by ASL Aviation Group in 2014. The ground handling unit itself was established in 2004. ASL Aviation Group underlined in a statement that while FARNAIR Hungary was a profitable operation, as the only ground handling unit in the group it was a non-core business.
Menzies Aviation is one of four passenger handlers at Budapest, but until the acquisition did not have a cargo handling unit. The Edinburgh-based company is also an operator of one of four business lounges at Budapest.
