China’s HNA Group, which owns Hainan Airlines, has agreed to take a stake in Kumho Asiana Group, the parent company of South Korea’s Asiana Airlines.
The Korea Herald reports that HNA will invest KRW160 billion (approx. US$139 million) in the Korean company. This follows an initial cooperation last year when Asiana jointly invested with HNA Group’s recent-acquired aviation catering company, Gate Gourmet, for the launch of Gate Gourmet Korea.
“The investment is part of the efforts to bring about a strategic synergy between Kumho Asiana Group and HNA Group, and it was possible upon discussion held last December in Seoul where the two chiefs of the groups agreed on the fields of cooperation such as hotels, resort development, aircraft ground handling, aircraft MRO and catering,” Kumho Asiana Group was reported saying.
Kumho Asiana Group owns multiple interests, including Kumho Tires, Air Busan and Asiana Abacus. HNA also operates a vast and expanding collection of companies the travel and tourism industries, including multiple Chinese airlines, Caissa Touristic, Carlson Hotels and a significant stake in Hilton Worldwide.