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Fraport AG and ICTS International N.V. Negotiate Take-over of ICTS Europe
Frankfurt/Main, Germany (ots) - Responding to the events of September 2001 and the aviation market's demand for increased safety and security measures, Fraport AG and ICTS announce that they have started negotiations for Fraport to acquire the remaining 55 percent of ICTS Europe's shares. Earlier this year, Fraport had already purchased 45 percent of ICTS' shares.
This move will give Fraport a platform for providing aviation security services as an integral part of its overall airport management services. Fraport will thus become market leader in Europe. It will also allow ICTS to focus on its U.S. aviation security operations and introduce enhanced technologies to the aviation security market at large. The deal is expected to be signed next month and to go into effect on January 1, 2002.
Fraport and ICTS intend to cooperate in developing and introducing technologies to the aviation security market.
Johannes Endler, CFO of Fraport, said: "We are on the move to become Europe's largest provider of airport security and to react to the customers' needs as fast as possible."
Lior Zouker, President and CEO of ICTS, commented: "The completion of the sale of our European operations to Fraport and extension of our technological cooperation with Fraport will enable us to play a major role as a supplier of technological solutions to the aviation security market."
ots Original Text Service: Fraport AG Internet: http://www.presseportal.de
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