Korean Air to Reacquire Catering and Duty-Free Business for $503 Million
Korean Air has announced it will buy back its in-flight catering and duty-free business for approximately USD 503 million (KRW 700 billion). The airline is reacquiring the unit from private equity firm Hahn & Company, to whom it was sold in 2020. This original sale was a critical measure to secure liquidity and obtain state aid during the COVID-19 pandemic. By reintegrating these operations, Korean Air aims to stabilize its in-flight service quality and enhance cost efficiency. The move signals the airline's strong financial recovery and is part of its strategy for long-term growth synergies.
Official Source: https://www.ch-aviation.com/news/164717-korean-air-to-buy-back-catering-duty-free-unit-for-503mn
Related Aviation News:
- Korean Air to buy back inflight duty-free retail and catering arm
- Korean Air to Take Back Ownership of In-flight Catering, Duty-free
- Korean Air to Buy Back In-Flight Catering Unit
- Korean Air to buy back catering unit from Hahn & Co. for W750b
- Press Release: Korean Air to reclaim full ownership of catering ops