News / Cargolux offloads stake in Champ CargoSystems to co-owner Sita

© Poohchisa Tunsiri

Champ CargoSystems, looking for a new owner for some time, has finally been wholly acquired by Sita, its 51% shareholder, following a sale by Cargolux.

Champ is now a wholly-owned Sita subsidiary, but CEO Chris McDermott will remain in his role.

Champ has floundered in recent years amid fierce competition in the market and fading interest from its original customer, Cargolux, which has chosen IBS as its main technology provider.

The Loadstar had understood that Sita was also looking at selling its stake, ...