Scotland-based aviation servicer Menzies Aviation announced its acquisition of Aircraft Services and Consulting S.A, which allows the company to strategically enter the aviation market in Panama.
Aircraft Services and Consulting S.A. has a recognised 20-year history of operations in Panama and makes for a pivotal commercial gateway within the Americas region.
This acquisition allows Menzies Aviation to extend its range of services to customers at Tocumen International Airport (PTY) and Scarlett Martinez International Airport.
PTY airport, the largest in Central America, transports over 15 million passengers each year and is home to COPA Airlines as well as more than 20 major regional and international carriers.
According to a report by GlobalData, the performance of Menzies Aviation in the Americas has contributed to a large amount of the company’s revenue in the financial year of 2021: “Reported revenue of US$461.1 million for FY2021, which grew 22.8% Year on Year. Accounted for 34.1% of the company’s revenue in FY2021.”
Menzies Aviation reported revenue FY2021 (YoY performance, Americas)
Menzies Aviation has made continual goals at focused expansion, particularly in Latin America according to its 2021 annual reports, an ambition that corresponds with this acquisition.
Adding to this, CEO Philipp Joeinig said: “Throughout 2021, we have deepened relationships with existing customers and fostered new partnerships in all regions. We have benefited from airlines outsourcing their handling, particularly in Latin America and Australia and strive to collaborate with customers to find effective and cost-efficient solutions.”
Panama is an important economic gateway in the Americas, linking the Pacific and Atlantic seas.
Due to its geographic importance, it is an ideal hub for efficient freight and passenger transportation.
John Redmond, Menzies Aviation’s EVP of Americas, discusses the company’s excitement about the purchase and how it has strengthened Menzies Aviation’s position in the aviation industry: “We are excited to add our 7th country in Latin America and our 46th and 47th airports respectively in this important and growing market.
“This acquisition bolsters Menzies Aviation’s position as the leading player in the global aviation services industry and further demonstrates our commitment to being a trusted service partner across this region. We look forward to the exciting opportunities that lie ahead as Menzies strengthens its presence in Panama and continues to provide unparalleled support to the aviation community in the region”.
The deal follows Menzies’ prior growth into Latin America, which includes Mexico, Columbia, Costa Rica, El Salvador, Guatemala and the most recent being Chile.
The Menzies Agunsa partnership of Q2 2022, manages a 65,000ft² on-airport cargo facility at Santiago de Chile Airport (SCL), which can handle import cargo and courier items.
This was an expansion on Menzies’ current ground services operation at SCL and includes various airlines including United Airlines, Delta Air Lines, and Qatar Airways.
Menzies Aviation’s 2021 full-year results can be found in the company’s report.