ADVERTISEMENT

Budapest Airport sells ground handling unit to Turkey's Celebi

City

The parties agreed that the present collective contract of BAH's payroll will remain in force until 11 September 2008.

Hungary's Budapest Airport has announced on Thursday it has concluded the sale of Budapest Airport Handling Kft (BAH) to Turkey's Celebi Ground Handling Inc. Turkey's first privately owned ground handling company was established in 1958 in Ankara's Esenboga airport. Celebi, which was floated on the Istambul stock market in 1996, has a market share of 62%. It posted revenues of $160 million in 2005. Celebi provides ground handling services for Italy's Alitalia, the Czech Airlines, Spanish Iberia, Belgium's SN Brussels, KLM of the Netherlands and SkyEurope, which is one of its newest clients. Upon the completion of the transaction, Celebi will take over every operation of BAH, its entire infrastructure and its staff of about 500 people.

The parties agreed that the present collective contract of BAH's payroll will remain in force until 11 September 2008. BAH employees will also receive a success bonus worth three months' average pay following the deal. The sale of BAH could be of great importance for Budapest Airport, since it will allow the company to focus more on the operation of the Ferihegy airport as its core business, thus improve its efficiency. The quality and competitiveness of ground handling is also likely to improve now that an internationally experienced company takes over. (portfolio.hu)

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

Capital sees urban exodus during pandemic City

Capital sees urban exodus during pandemic

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.