SATS To Buy Stake In Japanese Caterer TFC

November 29, 2010

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Singapore's airport service company, SATS, said on Monday it would buy a majority stake in airline catering firm TFK Corporation from Japan Airlines, for JPY¥7.8 billion(USD$92.7 million).

TFK operates at both Narita and Haneda Airports, the two major international gateways to Japan, and currently serves about 30 international airlines, including Japan Airlines and Air France, SATS said in a statement.

TFK was founded in 1959. JAL acquired a 50.7 percent stake in the company in 2000, while the founding Nomaguchi family holds 43.2 percent and Air France owns 0.3 percent.

JAL filed for bankruptcy in January with USD$25 billion in debt and is carrying out a drastic restructuring to help rebuild its business.

(Reuters)