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CHAIRMAN AND CEO JOHN DASBURG AND U.S. INVESTORS TO PURCHASE ALL OUTSTANDING SHARES OF DHL AIRWAYS
For Immediate Release
Miami, (May 21, 2003) — DHL Airways today announced that a U.S. investor
group, led by its Chairman and Chief Executive Officer John Dasburg, has reached
an agreement to purchase all of the outstanding shares of DHL Airways, Inc.
Dasburg said that the transaction will further solidify the airlineÕs U.S.
control and management, while putting the company on a new path toward becoming a
global air cargo leader. The name of the company will be changed in the near
future.
The other members of the investment group are Richard C. Blum, Chairman of San
Francisco-based Blum Capital Partners, L.P., a leading private equity firm, and
Michael R. Klein, a Washington, D.C. business executive and lawyer who is
co-founder and Chairman of the Board of Directors of CoStar Group, Inc.
According to Dasburg, the company will continue to focus on what has been its
core business — "wholesale" overnight "small package" business —
while at the same time looking for attractive opportunities to expand its
charter, Department of Defense, and Postal Service business. Growth will occur
both through internal expansion and through future acquisitions. The airline also
will improve utilization of its existing fleet of 40 aircraft for additional
charter opportunities.
Dasburg currently owns 5% of the airline. The remaining shares of DHL Airways are
being purchased from Idaho private investor William A. Robinson and from DHL
Holdings (USA), Inc.
The prospective owners expect to complete the acquisition of DHL Airways by June
30, 2003 and plan to operate the airline as a privately held company. Dasburg
will continue to serve as Chairman and CEO, a position he assumed on April 1,
2003. The acquisition is subject to approval by the U.S. Department of
Transportation.
Prior to joining DHL Airways, Dasburg served as Chairman, Chief Executive Officer
and President of the Burger King Corporation. He led the turnaround of the
company that culminated in its December 2002 sale. Prior to joining Burger King,
Dasburg served ten years as President and Chief Executive Officer of Northwest
Airlines, the world's fourth largest airline. Under Dasburg's leadership as
President and CEO of Northwest, the company established its reputation for
operational excellence, experienced consistent and profitable growth and became
known as a strategic innovator.
DHL Airways also announced today that, upon completion of the sale of the
company, it would enter into a new 11-year agreement to provide air cargo
services for DHL Worldwide Express.
In announcing the details of the acquisition, Dasburg emphasized that DHL Airways
is now -- and will continue to be -- an American company. "DHL Airways is
all-American owned and all-American managed. It employs nearly 1,000 Americans,"
said Dasburg. Dasburg also noted that the airline and its employees were actively
engaged in providing service to the U.S. Department of Defense during the Iraqi
conflict, and currently serves the U.S. military with missions to Guantanamo Bay,
Cuba, Roosevelt Roads, Puerto Rico, Ramstein Air Force Base, Germany, and other
military bases around the world.
DHL Airways maintains a cargo hub at Cincinnati/Northern Kentucky International
Airport and operates 40 aircraft in the United States. The company is
headquartered in Miami, Florida.
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