Air Freight and Logistics
Company Overview of Polar Air Cargo Worldwide, Inc.
Polar Air Cargo Worldwide, Inc. provides airport-to-airport scheduled air cargo services for freight forwarders and other customers in the United States. The company offers priority services, onward trucking services, ground services, scheduled air cargo services, and cargo management services. It also provides ground handling, route and traffic rights management, and customs services. The company has a strategic partnership with DHL Express. The company was founded in 1993 and is based in Purchase, New York. As of November 2, 2001, Polar Air Cargo Worldwide, Inc. operates as a subsidiary of Atlas Air Worldwide Holdings, Inc.
2000 Westchester Avenue
Purchase, NY 10577-2543
Founded in 1993
Key Executives for Polar Air Cargo Worldwide, Inc.
Chief Executive Officer, President and Director
Chief Financial Officer and Staff Vice President
Chief Operating Officer and Executive Vice President
Chief Human Resources Officer, Senior Vice President, Assistant Secretary and General Counsel
Divisional Senior Vice President of Operating Systems Performance and Quality
Compensation as of Fiscal Year 2015.
Polar Air Cargo Worldwide, Inc. Key Developments
Air Cargo Settlements Now Reach More Than $1.1 Billion
Jan 7 16
Kaplan Fox & Kilsheimer LLP announced a $100 million settlement subject to court approval between Polar Air Cargo LLC, f/k/a Polar Air Cargo, Inc., Polar Air Cargo Worldwide, Inc., and Atlas Air Worldwide Holdings, Inc. (Polar Air Cargo) and a plaintiff class in re: Air Cargo Shipping Services Antitrust Litigation, 06-MD-1775 (JG) (VVP), a multi-district litigation pending in the Eastern District of New York. To date, plaintiffs have entered into settlements with 25 defendant groups totaling $1.14 billion, of which settlements with 22 defendant groups for $848 million have been granted final approval by the court. This litigation is still pending against three defendant groups, including Air China Ltd. and Air China Cargo Co. Ltd., Air India Ltd. and Air New Zealand Ltd.
Polar Air Cargo LLC Reaches Settlement Agreement in U.S. Cargo Antitrust Class Action
Jan 7 16
Polar Air Cargo LLC confirmed that it, along with Polar Air Cargo Worldwide, Inc. and Atlas Air Worldwide Holdings, Inc. has entered into a settlement agreement in a previously disclosed antitrust class action lawsuit in the United States. The industry-wide litigation arose from allegations about the pricing practices of a number of air cargo carriers on routes to and from the United States from January 2000 through September 2006. The settlement agreement resolves all claims against the Companies by participating members in the class action. The Companies continue to deny any wrongdoing or liability, and there is no admission of any wrongdoing or liability in the settlement agreement. Pursuant to the settlement agreement, Polar LLC has agreed to make installment payments over three years to settle the class action, with payments of $35 million due on or before January 15, 2016, $35 million on or before January 15, 2017, and $30 million on or before January 15, 2018. The payments are expected to be funded from cash available on hand. Atlas Air Worldwide expects to record an expense for the full amount of the Polar LLC settlement in the fourth quarter of 2015, which should total approximately $2.60 per diluted share on an after-tax basis. Excluding this impact, the settlement does not affect Atlas Air Worldwide’s previously issued adjusted earnings outlook for 2015, nor does the settlement affect other related litigation or the company’s ongoing business operations. The settlement agreement is subject to approval and acceptance by the United States District Court for the Eastern District of New York.
Polar Air Cargo Wins $51.04 Million Federal Contract
Sep 4 15
Polar Air Cargo, Purchase, New York, was awarded a share of a $51,040,549 fixed-price, indefinite-delivery federal contract by the U.S. Transportation Command, Scott Air Force Base, Illinois, for international commercial air express package delivery services.
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