John Menzies PLC to close Chicago airport ops, take US$11.29 mil. charge


Reuters

Airport services provider and newspaper distributor John Menzies PLC said it would close its loss-making cargo handling operations at the Chicago airport at a cost of 7 million pounds (US$11.29 million). The company also said it expects total restructuring costs to be about 18 million pounds for 2012. Menzies said in November last year that it restructured its struggling UK cargo business by exiting operations at Glasgow, Birmingham, East Midlands and Manchester airports, allowing it to focus on a single facility at London’s Heathrow.

Newspaper and magazine distribution in UK generates 70 percent of the company’s revenue. But the aviation services division, which operates at about 130 airports in 29 countries, brings in about 64 percent of its adjusted operating profit.