Asiana Airlines Cargo Business Sold to Air Incheon... "Transfer Completed by June 10"

Agenda for Split Merger of Cargo Aircraft Business Approved at Extraordinary General Meeting
11 Cargo Aircraft and About 800 Employees to Be Transferred to Air Incheon

Asiana Airlines is selling its cargo aircraft business to Air Incheon.

Asiana Airlines A350. Provided by Asiana Airlines

On the 25th, Asiana Airlines held an extraordinary general meeting at its headquarters in Osu-dong, Gangseo-gu, Seoul, and approved the agenda for the split merger contract of the cargo aircraft business with Air Incheon as originally proposed.

This agenda was a condition for approval by the European Commission and the Japan Fair Trade Commission regarding the corporate merger with Korean Air, and the transaction was completed in line with the conclusion of the new share subscription deal. Previously, Asiana Airlines signed the split merger contract for the cargo aircraft business with Air Incheon on the 16th of last month. The sale price is 470 billion KRW.

The European Commission conditionally approved the corporate merger in February last year, requiring Korean Air to transfer its European passenger routes (Paris, Rome, Frankfurt, Barcelona) and Asiana Airlines to sell its cargo aircraft business. Accordingly, the European passenger routes were transferred to T'way Air, and the cargo aircraft business was decided to be sold to Air Incheon. With the approval of this extraordinary general meeting, the formal procedures for the split merger of Asiana Airlines' cargo aircraft business have been completed.

Asiana Airlines plans to complete the physical and personnel transfer of the cargo aircraft business division to Air Incheon by June 10. The transfer includes a total of 11 cargo aircraft: 10 Boeing 747 freighters and 1 Boeing 767 freighter, as well as approximately 800 employees.

Since the end of 2023, Asiana Airlines has been explaining the background of the cargo business sale, progress, and future procedures to employees through company-wide town hall meetings and job-specific briefings. They plan to continue holding explanatory sessions for the employees subject to transfer.

An Asiana Airlines official stated, "We will further specialize and strengthen the remaining passenger transport business capabilities and improve financial structure through the sale proceeds to increase management efficiency." He added, "The transfer of the cargo aircraft business division will be smoothly completed through continuous meetings with the employees subject to transfer to Air Incheon."