|Atlas Air Worldwide To Maintain Headquarters in Westchester County, N.Y.|
Wednesday, June 08, 2011 -- Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating services, today confirmed that it has decided to maintain its corporate headquarters in Purchase, N.Y. Reflecting the company's transformative growth initiatives, Atlas Air Worldwide will retain 460 existing jobs and create 50 new full-time positions in New York State.
“Atlas Air Worldwide has called New York home for a dozen years and we are delighted to continue to do so,” said William J. Flynn, President and Chief Executive Officer. “Many of our employees have been an integral part of our team since we established administrative and operational facilities at John F. Kennedy Airport in Queens, N.Y., in the 1990s and since we moved our corporate headquarters from Colorado to Purchase, N.Y., in 2000.
“We are in an exciting era of transformative business growth - an era that we expect will significantly increase our revenues and earnings over the next few years and beyond. Thanks to the economic and related assistance of New York State and Westchester County, we are delighted that we will be able to continue to operate from our current headquarters. This will allow us to retain our valued employees, create new jobs and generate economic growth in the community.”
Atlas Air Worldwide will receive up to $8.5 million in Excelsior Job Program benefits and up to $442,000 in sales tax exemptions from Westchester County's Industrial Development Agency. In addition, the company will be entitled to energy credits valued at approximately $480,000 over a ten-year period. The company received aggressive incentive offers from several other locations, but chose to reinvest in New York State.
“Empire State Development is pleased to partner with Atlas Air Worldwide in this project, which will create and retain hundreds of jobs,” said Kenneth Adams, ESD President, CEO and Commissioner. “Atlas can now be added to the growing list of companies that have chosen to stay and grow in Westchester County in just the last few months. We applaud the company's commitment to New York and look forward to the positive impact it will have on the local economy of Purchase and its nearby communities.”
“Relationships and urgency matter when it comes to generating economic growth,” said Westchester County Executive Robert P. Astorino. “When the county heard that Atlas Air Worldwide was being wooed by several other states, I immediately picked up the phone. Right after that Bill Flynn and I and our senior teams were meeting face to face. I asked ‘What do you need and how can we help?' They told us and the conversations that followed led to today's announcement. Listening to and working with businesses is how government helps create jobs. We are extremely pleased to have Atlas Air Worldwide staying and expanding in Westchester County.”
Mr. Flynn added: “2010 was a record year for Atlas Air Worldwide, driven by strong airfreight demand, tight supply of wide-body, long-haul freighter aircraft - and our effectiveness in executing our business model.
“During the past several years, we have aggressively managed and modernized our existing fleet, transformed our scheduled service business to express network ACMI, reduced our costs, and strengthened our balance sheet. In short, we are stronger, more effective and efficient company.
“Now, we are in a new era of transformative growth that should drive our revenues and earnings to higher sustained levels as we grow our fleet with next-generation 747-8 Freighters; expand our non-asset-intensive CMI service solution; grow our new military-passenger charter service; and execute on initiatives that capitalize on our industry-leading marketing position, our global business focus, and our innovative value-added customer solutions for DHL Express, British Airways, Qantas, Panalpina, Emirates and many others. We believe we have a bright future, and we are very pleased to launch our growth initiatives from New York State.”
About Atlas Air Worldwide:
AAWW is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, AAWW operates the world's largest fleet of Boeing 747 freighter aircraft.
Atlas, Titan and Polar offer a range of outsourced aircraft and aviation operating services that include ACMI service - in which customers receive an aircraft, crew, maintenance and insurance on a long-term basis; CMI service, for customers that provide their own aircraft; express network and scheduled air cargo service; military charters; commercial cargo charters; and dry leasing of aircraft and engines.
AAWW's press releases, SEC filings and other information may be accessed through the Company's home page, www.atlasair.com.
About Empire State Development
Empire State Development is New York's chief economic development agency and administrator of the statewide business resource portal: New York First (www.NYfirst.NY.gov). The mission of Empire State Development is to promote business investment and growth that leads to job creation and prosperous communities across New York State. ESD also oversees the marketing of “I LOVE NY,” the State's iconic tourism brand. For more information on Empire State Development, visit www.esd.ny.gov.
About Westchester County's Office of Economic Development
Under the direction of former marketing and public relations executive, Laurence P. Gottlieb, Westchester County's Office of Economic Development (OED) is redefining government's role in helping businesses succeed in Westchester. In collaboration with a far-reaching team of public and private professionals, OED's main mission is quickly connecting business owners and their representatives with the information, financial and human resources their organizations need to start, expand, stay or come to Westchester County - New York's Intellectual Capital™. Both the county's Industrial Development Agency and Office of Tourism and Film are part of OED. For more information, go to Thinking Westchester (www.thinkingWestchester.com).