Worldwide Flight Services has announced that it will be entering into a strategic partnership with Fraport AG by acquiring 51% of Fraport Cargo Services, a move which is part of WFS’ growth plans announced in May.

“This is a major transaction that positions WFS and FCS as the leading cargo handler at one of the biggest cargo airports in the world,” said Olivier Bijaoui, executive chairman, president and CEO of WFS. “As Europe’s largest economy, Germany is obviously a prime focus in our growth plans. We could not ask for a stronger partner than Fraport, with whom we share a passion for quality and performance and likewise who have demonstrated a commitment to the cargo handling industry over more than 40 years.”

Under the deal, which is expected to be finalized by September 2015, Fraport will continue to hold 49% of FCS and will continue to play a substantial managerial role, according to a statement.

Stefan Schulte, chairman of the executive board at Fraport AG, stressed that cargo “continues to be vitally important” for the company’s business model. “To continue developing our cargo handling business successfully, it has been our wish to find a strong and competent partner that offers a strong international network,” he said. “Thus, we are pleased today to announce this new strategic partnership with such a renowned international partner like WFS, to gain an even broader globally linked base for successfully developing FCS further in the future.”

Fraport Cargo Services is the largest provider of independent cargo handling services at Frankfurt Airport, which is the largest cargo airport in Europe, along with Paris Charles de Gaulle Airport. More than 600 people are employed by FCS at Frankfurt’s CargoCity South.