Airports of Frankfurt and Shanghai Establish Consulting Subsidiary
Fankfurt, Germany (ots) - Fraport AG Frankfurt Airport Services Worldwide (FSE: FRA) and the Shanghai Airport Group have signed a contract establishing a joint-venture subsidiary, which both companies had already announced in 2003. Under the agreement, each airport company holds a 50-percent share in Shanghai Frankfurt Airport Consulting Service Co. Ltd., based in Shanghai, China. The joint-venture agreement was signed by Fraport's executive board chairman, Dr. Wilhelm Bender, and executive board member for finance, Dr. Stefan Schulte, along with Wu Nianzu, the executive board chairman of Shanghai Airport Group.
The new Shanghai Frankfurt Airport Consulting Service Co. Ltd. will provide, in particular, expert advice on constructing and managing airports in China, as well as personnel training for civil aviation. The young enterprise will start operations with two managers and a staff of four. Fraport will be sending two staff members to China, including one to serve as general manager.
The new agreement covers a 20-year-period. At the end of 2002, Fraport AG and the Shanghai Airport Group signed their first cooperation agreement for jointly marketing airport expertise throughout China. On that occasion, Fraport's Bender stressed: "FRA is considered a global brand by airport professionals worldwide. We will do everything in our power to make this long-term strategic partnership with Shanghai a success."