Air Freight and Logistics
Company Overview of Polar Air Cargo Worldwide, Inc.
Polar Air Cargo Worldwide, Inc., doing business as Polar Air Cargo, provides scheduled air cargo services for freight forwarders and other shippers in the United States. It offers express shipping services; air freight shipping services; ground services that include scheduled trucking, scheduled less-than-truckload, preferred trucking, and direct delivery services; cargo services for general goods, such as electronics, clothing, packages, boxed goods, wine and other liquids, food, medicine, building material, and more; and special cargo services for perishables, engines, and dangerous goods. The company also provides customer support services. It has a strategic partnership with DHL Express....
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 Vice President
Chief Operating Officer and Executive Vice President
Chief Human Resources Officer, Senior Vice President, Assistant Secretary and General Counsel
Chief Transportation Officer and Executive Vice President
Compensation as of Fiscal Year 2016.
Polar Air Cargo Worldwide, Inc. Key Developments
Polar Air Cargo Inc Wins $54.75 Million Federal Contract
Sep 23 16
Polar Air Cargo Inc. was awarded a federal contract valued at up to $54,753,312 by the U.S. Transportation Command for international and domestic commercial air express package delivery services.
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.
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