Etihad Airways has announced that it acquired the shares held by Armaguard Linfox Group (Australia) in Abu Dhabi-based joint venture Armaguard Valuables Management (AVM).
The deal makes Etihad the sole shareholder of the company which has been renamed Etihad Secure Logistics Services.
In the six years since it began operations, AVM said it has successfully grown from a start-up to become a major player in the UAE secure logistics and valuables management market.
Gary Allen, Linfox Armaguard Group CEO, said: "The Armaguard Group is concentrating on continuing to strengthen the existing businesses in Australia and New Zealand while enhancing our services across South East Asia, and as such will withdraw from the UAE.
"Etihad and Armaguard have shared a long history of working together to provide the best solutions for our customers. We will continue as a strong network alliance, servicing the global valuables market. We will continue to work together to ensure a seamless transition for our customers."
Abdulla Mohamed Shadid, managing director Cargo and Logistics Services at Etihad Aviation Group, added: "We are now in a position, with Etihad Secure Logistics operating as a wholly Etihad-owned business, to better support the home market in its next phase of growth and development.
"This comes with increased investment in the valuables transportation and logistics segments, as well as the banking and financial services sectors in Abu Dhabi and the UAE, complimenting the wider cargo and logistics offering at Etihad."
Etihad said it has appointed Vincent Hampton as managing director of Etihad Secure Logistics and he will be responsible to lead and execute the company’s new strategic vision.
Hampton previously held various roles with the United States Air Force and the US Department of State in Abu Dhabi, and a decade of leadership roles in security consulting within the UAE private sector.
Source: Arabian Business