Ryanair
July 5, 2002, 12:51 PM
TOKYO, Japan (Reuters) -- Japan Airlines Co. said on Friday it has agreed to join the world's largest cargo alliance, comprising Germany's Lufthansa, Singapore Airlines and Scandinavian airline SAS.
Japan Airlines, or JAL, is Japan's largest carrier. It said it has signed an agreement with the cargo units of the three airlines to jointly develop services and use their transportation networks.
The air-freight group, called WOW, will now control a leading 17 percent share of the global market.
Officials from the three airlines' cargo businesses and JAL president Isao Kaneko will explain the move on Friday afternoon in Tokyo.
Through the alliance, JAL will be able to expand its cargo network from 74 cities in 24 countries to 523 locations in 103 nations.
Revenues from JAL's cargo business totaled about 150 billion yen ($1.25 billion) in the 2001/02 business year ended in March.
Japan's airline industry is deregulating, and JAL is attempting to merge with the No. 3 airline (full story).
The cargo deal saw stock in JAL rose 1.72 percent by noon on Friday, to 355 yen, on a day the Topix index is up 0.81 percent.
Japan Airlines, or JAL, is Japan's largest carrier. It said it has signed an agreement with the cargo units of the three airlines to jointly develop services and use their transportation networks.
The air-freight group, called WOW, will now control a leading 17 percent share of the global market.
Officials from the three airlines' cargo businesses and JAL president Isao Kaneko will explain the move on Friday afternoon in Tokyo.
Through the alliance, JAL will be able to expand its cargo network from 74 cities in 24 countries to 523 locations in 103 nations.
Revenues from JAL's cargo business totaled about 150 billion yen ($1.25 billion) in the 2001/02 business year ended in March.
Japan's airline industry is deregulating, and JAL is attempting to merge with the No. 3 airline (full story).
The cargo deal saw stock in JAL rose 1.72 percent by noon on Friday, to 355 yen, on a day the Topix index is up 0.81 percent.