Korean Air has announced plans to regain full ownership of its inflight catering and duty-free operations.
Korean Air has announced plans to regain full ownership of its inflight catering and duty-free operations.
In a statement posted on March 12, the Seoul, South Korea-based airline announced its plans to acquire the remaining 80% stake in Korean Air C&D Service from Hahn & Company. While retaining a 20% share, the airline divested the majority 80% stake in 2020 to secure liquidity during the COVID-19 pandemic.
The airline stated the plan was approved by Korean Air's Board of Directors on March 12, which will see a transaction to acquire 5,010,343 shares worth an estimated KRW 750 billion (~USD $503 million). After the agreement is finalized, Korean Air C&D Service will be a wholly-owned subsidiary of Korean Air.
“Bringing these essential services back in-house aims to guarantee a stable supply of in-flight meals and strengthen overall service competitiveness ahead of the upcoming launch of the integrated airline.”
Korean Air also plans to roll out upgraded inflight duty-free offerings to further enhance the passenger experience.
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