Lucio Tan Jr to acquire majority share Johnny Air Cargo

PHILIPPINES business tycoon Lucio Tan Jr is in final talks to acquire Johnny Air Cargo, a US and Philippines delivery and money transfer company to create a "synergy" with his father's interests' Philippine Airlines and the Philippine National Bank (PNB).

The company founded by entrepreneur Johnny Valdes in 1984 started as a door-to-door courier service between the US and Philippines cashing in on the "pasalubong" tradition (gift-giving) of Filipinos expats.

The company's natural progression into the remittance business built up a strong stream of revenue-making of which Mr Tan Jr hopes to tie into his father's PNB, reports the Manila Business Mirror. Its ocean-cargo arm for "balikbayan box" shipments (literally means return to one's homeland box) is also part of the negotiations, said the report.

Johnny Air Cargo now operates from New York, New Jersey, Los Angeles and San Francisco. Its Philippines offices are located in Manila (Makati), Mandaluyong City, Laoag, Pangasinan, Naga City, Bacolod City, Bohol, Cebu, Iloilo, Davao and Cagayan de Oro. It employs 170 in 40 locations.
(Source:www.schednet.com)