Chinese firm buys Frankfurt-Hahn Airport in Germany

AP News
|
Posted: Jun 06, 2016 11:33 AM
Chinese firm buys Frankfurt-Hahn Airport in Germany

FRANKFURT, Germany (AP) — Local government officials in Germany say they're selling the lossmaking regional Frankfurt-Hahn Airport outside Frankfurt to a Chinese logistics and construction company.

The dpa news agency reports that the finance ministry in Mainz, capital of the Rhineland-Palatinate region, said Monday it was selling its 82.5 percent stake to Shanghai Yiqian Trading Company for a sum described as in the low two-digit millions of euro.

The neighboring Hesse region is completing negotiations for the sale of the remaining stake to the same buyer.

The airport's main user has been low-cost airline Ryanair. Dpa says that the new owners plan to expand freight activity, which has fallen off, as well as passenger traffic. The facility, about 125 kilometers (75 miles) from Frankfurt, employs around 320 people.