Air freight firm Kitty Hawk exploring alternatives
Slumping demand has niche carrier in freefall
By Dave Hannon -- Purchasing, 7/20/2007 8:24:00 AM
Air freight carrier Kitty Hawk has hired an outside firm to help it explore “strategic alternatives” which may include a sale of the company.
Kitty Hawk operates three subsidiaries focusing on expedited and time-definite shipments for freight forwarders and other logistics service providers. In late 2005, the company launched an LTL service.
According to a company statement, Kitty Hawk has retained Raymond James & Associates to help it evaluate its prospects, which may include a possible sale, raising capital, altering its operations, selling some assets or divisions or making no changes.
In April, it was announced that its CEO, Robert Zoller, was retiring and four board members were resigning. In its 2006 financial results, Zoller said, “As with others in our industry softness in demand for our products has persisted into the first quarter of 2007." The air cargo carrier reported a net loss of $11 million in the first quarter.
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