New York, October 17, 2001 - Castle Harlan, Inc., the New York-based merchant bank, announced today that it had completed the sale of Worldwide Flight Services of Fort Worth, Texas, the world's leading independent provider of ground services to the aviation industry, to Vinci, S.A., a French global conglomerate based in Paris.

At closing, the transaction value, including working capital and other adjustments, was $285 million. Castle Harlan initially announced its agreement to sell to Vinci September 10.

Marcel Fournier, a managing director who negotiated the transaction for Castle Harlan, expressed satisfaction with the outcome, particularly in light of the terrorist attacks on the United States September 11 and the concerns they raised.

"The closing of this transaction is a tribute to the strength of Worldwide Flight Services as a company," he said, "and a sign of great confidence in the resilience of the airline industry. Airlines will continue to fly, and they will continue to need the services that Worldwide is providing so effectively at major airports around the world."

Castle Harlan had acquired Worldwide Flight Services in April 1999 from AMR Corp., the parent of American Airlines, on behalf of Castle Harlan Partners III, L.P., a $630 million private equity investment fund that Castle Harlan organized and manages. Subsequently, Castle Harlan had built WFS by acquiring Miami Aircraft Support, Inc., Aerolink International, Inc., Oxford Airport Technical Services and Airline Container Leasing, Inc.

Worldwide had revenues last year of approximately $345 million. Formerly called AMR Services, it provides cargo, passenger and ramp handling and a variety of technical services to more than 300 airlines and airport authorities in 894 airports around the world. It has some 12,000 employees.

Among the airports Worldwide serves are Kennedy, LaGuardia and Newark in the New York area, O'Hare in Chicago and the new Chek Lap Kok international airport in Hong Kong.

Vinci is a $17 billion global conglomerate involved in major construction projects, road-building, energy and information and concessions, such as toll roads and bridges and parking facilities. It has 115,000 employees throughout the world.

Castle Harlan was founded in 1987 by John K. Castle, former president & chief executive officer of Donaldson, Lufkin & Jenrette, the investment banking firm, and Leonard M. Harlan, founder and former chairman of The Harlan Company.

Since its founding in 1987, Castle Harlan has completed acquisitions exceeding $4.5 billion. Its portfolio companies include Gravograph Industrie International, the world's leading maker and seller of machines, accessories and materials used in the engraving industry; Universal Compression, a leading independent provider of natural gas compression equipment and services; and Commemorative Brands, producer of class rings under the Balfour and ArtCarved labels, college and high school yearbooks and other similar academic and scholastic materials.

FORT WORTH, Texas, August 24, 1999 -- Worldwide Flight Services, one of the world's largest providers of ground services to the aviation industry, announced today its second acquisition within two weeks - Aerolink International, Inc., of Pittsburgh, Pennsylvania. Terms of the transaction were not disclosed.

Aerolink operates a cargo-warehousing business for commercial air carriers at 11 airports in the United States and Canada. Its two largest customers are British Airways and US Airways.

The acquisition strengthens Worldwide's position as one of the world's largest independent providers of ground services to air cargo carriers and passenger airlines. The company is represented in 86 airports around the world, including 25 of the 30 busiest U.S. airports and five of the 10 busiest airports in Europe. It will have some 10,000 employees.

On August 16, Worldwide Flight Services had announced the purchase of Miami Aircraft Support, Inc., of Miami, Florida. MAS provides ground services for airlines at 31 airports, including 19 where Worldwide was not previously represented.

The acquisition of Aerolink gives Worldwide operations in four airports where neither it nor MAS has a presence - Pittsburgh, Buffalo, Cleveland and Columbus. The other airports where Aerolink operates are Atlanta, Baltimore, Charlotte, Denver, Philadelphia, Montreal and Toronto.

Worldwide Flight Services, formerly AMR Services, was acquired last March by Castle Harlan Partners III from AMR Corp., the parent of American Airlines. Castle Harlan Partners III is a private equity investment fund organized and managed by Castle Harlan, Inc., the New York merchant bank.

Peter Pappas, chairman and chief executive officer of Worldwide, and Marcel Fournier, managing director of Castle Harlan, said in joint statement:

"The acquisition of Aerolink International's cargo warehousing operations gives Worldwide Flight Services a strong new capability that can be replicated at many of the airports where we do business. Aerolink is a valuable addition to our portfolio."

Castle Harlan Partners III is one of three investment funds totaling more than $1 billion that have been organized by Castle Harlan, Inc., and that represent major corporate and public pension funds, college endowments, foundations and individual investors. Since its founding in 1987, the firm has completed acquisitions exceeding $3.5 billion.

Castle Harlan's portfolio companies have included Delaware Management Company, the Philadelphia-based money-management firm with more than $32 billion in assets under management; Truck Components, Inc., the largest manufacturer of components for large-truck wheel-end systems; Smarte Carte, the world's largest airport luggage cart rental company, and MAG Aerospace, the leader in worldwide manufacture of aircraft sanitation systems.

Currently among its portfolio companies are Universal Compression, Inc., a leading independent provider of natural gas compression equipment and services; Commemorative Brands, Inc., one of the leading manufacturers of class rings and other specialty jewelry under the ArtCarved and Balfour brand names, and the Verdugt B. V. group of acid salts businesses, based in the Netherlands. Verdugt was acquired from BP Amoco in April.

Castle Harlan was founded by John K. Castle, a pioneer in institutionalizing private equity investing through limited partnerships and the former president and chief executive officer of Donaldson, Lufkin & Jenrette, the investment banking firm, and by Leonard M. Harlan, founder and former owner and chairman of The Harlan Company, a diversified real estate and corporate finance advisory firm.

FORT WORTH, Texas, August 16 - Worldwide Flight Services, one of the world's largest providers of ground services to the aviation industry, announced today the purchase of Miami Aircraft Support, Inc. (MAS), of Miami, Florida, in a transaction valued at $66.4 million. The acquisition will raise Worldwide's expected revenues this year to more than $300 million.

Worldwide Flight Services, formerly AMR Services, will now have nearly 10,000 employees at 82 airports around the world. The company was acquired in March by a private equity investment fund organized and managed by Castle Harlan, Inc., the New York merchant bank. The seller was AMR Corp., parent of American Airlines (NYSE: AMR).

Miami Aircraft Support provides ground services at 31 airports, including 19 where Worldwide Flight Services is not currently represented. Worldwide also noted that most of Miami Aircraft's ground services are provided to major air cargo express carriers such as Emery, United Parcel Service, DHL and BAX Global, which deliver time-sensitive packages and other cargo.

Peter Pappas, the chief executive officer of WFS, said the purchase of Miami Aircraft Support represents "an important first step in our disciplined strategy of expansion through internal growth and selected acquisitions and exemplifies the strong backing we are receiving from Castle Harlan.

"Miami Aircraft Support is a perfect fit with Worldwide Flight Services," Pappas said, "in terms of locations and lines of business. In addition, MAS's emphasis on providing the best in customer service is right in line with Worldwide's quality-focused culture."

Marcel Fournier, a managing director at Castle Harlan, negotiated the MAS transaction, as well as the acquisition last March of Worldwide Flight Services from AMR Corp. He said the latest acquisition "brings 19 new airports to Worldwide's extensive network and many new customers who we expect will expand their levels of activity with Worldwide in the United States and Europe. It gives Worldwide a very well managed company with a solid culture and management."

He added that the acquisition would increase Worldwide Flight Service's revenues by approximately 25 percent. Worldwide had revenues last year of about $230 million, while MAS's 1998 revenues amounted to about $56 million.

About 70 percent of MAS's revenues came from services to air cargo express delivery companies, Fournier said. These services include cargo loading, unloading and storage.

For passenger airlines, he said, MAS provides many of the same passenger and ramp services that Worldwide Flight Services provides, including baggage handling, cabin cleaning and passenger check-in and boarding.

With the acquisition of MAS, Fournier said, Worldwide will enhance its position as one of the world's leading independent providers of ground services to air cargo and passenger airlines. Worldwide will now provide services for more than 300 customers at 82 airports around the world, including 24 of the 30 busiest U.S. airports and five of the 10 busiest European airports. Worldwide will have close to 10,000 employees.

The principal seller of Miami Aircraft Support is Anthony Romeo, who founded the company in 1981. He will continue to be active in the company.

The investment fund that acquired Worldwide Flight Services in March is Castle Harlan Partners III, one of three investment funds totaling more than $1 billion that have been organized by Castle Harlan, Inc., and that represent major corporate and public pension funds, college endowments, foundations and individual investors. Since its founding in 1987, the firm has completed acquisitions exceeding $3.5 billion.

Castle Harlan's portfolio companies have included Delaware Management Company, the Philadelphia-based money-management firm with more than $32 billion in assets under management; Truck Components, Inc., the largest manufacturer of components for large-truck braking systems; Smarte Carte, the world's largest airport luggage cart rental company, and MAG Aerospace, the leader in worldwide manufacture of aircraft sanitation systems.

Currently among its portfolio companies are Universal Compression, Inc., a leading independent provider of natural gas compression equipment and services; Commemorative Brands, Inc., one of the leading manufacturers of class rings and other specialty jewelry under the ArtCarved and Balfour brand names, and the Verdugt B. V. group of acid salts businesses, based in the Netherlands. Verdugt was acquired from BP Amoco in April.

Castle Harlan was founded by John K. Castle, a pioneer in institutionalizing private equity investing through limited partnerships and the former president and chief executive officer of Donaldson, Lufkin & Jenrette, the investment banking firm, and by Leonard M. Harlan, founder and former owner and chairman of The Harlan Company, a diversified real estate and corporate finance advisory firm.

FORT WORTH, Texas, June 2, 1999 -- Worldwide Flight Services, one of the world's leading providers of ground services to the aviation industry, announced today the appointment of Mark Dunkerley as chief operating officer, a new position.

Dunkerley will be responsible for the implementation of the company's growth plan through the day-to-day management of worldwide operations, said Peter Pappas, Worldwide Flight Services' chief executive officer. These will include the important functions of marketing, sales, service and operations.

As part of the senior management team, Pappas said, Dunkerley will be a major contributor to the development of the company's future direction.

Dunkerley joins Worldwide Flight Services from British Airways where he last served as senior vice president in charge of the Latin American and Caribbean Division. In this role, he directed its successful turnaround into one of the fastest growing divisions in the British Airways network. In a previous assignment in Eastern Europe, his efforts resulted in the successful reconstruction of British Airways commercial business lines for that part of the world.

"We are confident that Mark's background and expertise will help our company move forward with its goals of unequaled service and unprecedented growth," Pappas said. "Various assignments at British Airways have provided Mark with extensive experience in airline and airport operations, which will be an invaluable asset to our company in the future."

Dunkerley is a graduate of the London School of Economics and also holds a masters degree in air transport management from the Cranfield Institute of Technology in the United Kingdom.

Worldwide Flight Services, formerly AMR Services, was acquired in early April by a private equity investment fund managed by Castle Harlan Inc., the New York merchant bank, from AMR Corp., the parent of American Airlines.

NEW YORK, April 5 - Castle Harlan, Inc., the New York merchant bank, said today a private equity investment fund it manages had completed the acquisition of AMR Services, a subsidiary of AMR Corporation, the parent of American Airlines.

The company has been renamed Worldwide Flight Services, Inc., Castle Harlan said. The terms of the transaction were not disclosed.

Worldwide Flight Services is one of the world's leading providers of ground services for more than 200 airlines at some 65 major airports around the world. It had revenues in 1998 of approximately $230 million.

The company employs close to 8,000 people worldwide. The airports it serves include Kennedy, LaGuardia and Newark in the New York area, O'Hare in Chicago, Charles DeGaulle and Orly in Paris and the new Chek Lap Kok international airport in Hong Kong.

The acquisition was made by Castle Harlan Partners III, a $630 million limited partnership for private equity investments that was organized and is managed by Castle Harlan.

Marcel Fournier, a Castle Harlan managing director, expressed confidence that "the company is poised for significant growth."

"Worldwide Flight Services is a company of the highest quality with strong and experienced management, dedicated employees and a portfolio of outstanding customers," he said.

He added that Castle Harlan intends to promote the company's growth, both in the United States and in Europe, "where we already have a strong foundation."

"We will work to broaden our customer base," he said, "and we will also look for additional acquisitions."

Peter A. Pappas, who has headed AMR Services since last fall and had been with AMR Corp. for 20 years, is continuing as president and chief executive officer of Worldwide Flight Services. He expressed enthusiasm over the new ownership.

"Castle Harlan has an outstanding track record of providing strong support for the companies in which it invests," he said, "and this promises significant benefits to our customers and our employees. The future, indeed, looks bright."

Among the services that Worldwide Flight Services provides are passenger check-in and ticketing, passenger boarding, cargo loading and unloading and cargo facilities management, and ramp services such as aircraft arrival and pushback and cabin cleaning. Technical services include maintenance support for aircraft, ground equipment and passenger loading bridges, fueling services and fuel farm management.

Pappas pointed out that Castle Harlan has past experience in the aviation industry. It previously owned MAG Aerospace Industries, Inc., the world's leading manufacturer of aircraft sanitation systems and trash compactors, and Smarte Carte Inc., the world's leading airport baggage cart company, which it sold in 1996. Both companies enjoyed substantial growth while they were owned by Castle Harlan.

Castle Harlan Partners III is one of several investment funds with committed capital totaling more than $1 billion that have been managed by Castle Harlan, Inc., and that represent major corporate and public pension funds, college endowments, foundations and individual investors. Since Castle Harlan's founding in 1987, the firm has completed acquisitions exceeding $3.5 billion.

Castle Harlan's portfolio companies have included Delaware Management Company, a Philadelphia money-management firm with more than $40 billion in assets under management; Indspec Chemical Corporation, a specialty chemical manufacturer; Universal Compression, one of the world's largest providers of natural gas compression equipment and services; Statia Terminals Group N.V., one of the world's largest independent marine terminal companies, and Truck Components, Inc., the largest manufacturer and marketer of wheel-end components for heavy-duty trucks.

NEW YORK, December 28, 1998 - Castle Harlan Inc., the New York merchant bank, announced today that it had signed a definitive agreement to acquire AMR Services, a subsidiary of AMR Corporation, the parent of American Airlines. The terms were not disclosed. AMR Services had 1997 revenues of $202 million.

AMR Services is one of the world's leading providers of ground services for more than 200 airlines at some 63 major airports in the United States, Canada, the Caribbean, Europe and Asia. They include the three New York area airports, Chi-cago's O'Hare, Orly and Charles DeGaulle in Paris and the new Chek Lap Kok inter-national airport in Hong Kong.

AMR Services counts most of the world's major airlines among its customers. Besides American Airlines, they include United, Delta, KLM, Air France, British Airways, Lufthansa, Korean Air and Singapore Airlines.

The company employs close to 8,000 people worldwide. Revenues this year are expected to top $220 million.

The acquisition is being made by Castle Harlan Partners III, a $630 million limited partnership for private equity investments organized and managed by Castle Harlan. The closing is expected in the first quarter of 1999.

Marcel Fournier, the managing director at Castle Harlan who negotiated the transaction, hailed the excellent reputation AMR Services enjoys in its industry.

"AMR Services is recognized as a provider of the highest quality," he said. "It has a strong and experienced management team and a dedicated workforce. We have great confidence that the company is poised for significant growth."

The services the company provides include passenger check-in and ticketing, passenger boarding, cargo loading and unloading and cargo facilities management, and ramp services such as aircraft arrival and pushback and cabin cleaning. Technical services include maintenance support for aircraft, ground equipment and passenger loading bridges, fueling services and fuel farm management.

Peter A. Pappas, president and CEO of AMR Services, saw the acquisition as an outstanding opportunity for the company and its employees.

"Castle Harlan is known for its success in growing the companies it acquires and adding value to them," he said. "I know we have found a great partner."

Pappas noted that Castle Harlan has previous experience in the aviation indus-try, having owned MAG Aerospace Industries, Inc., the world's leading manufacturer of aircraft sanitation systems and trash compactors, which it sold earlier this year. It also owned Smarte Carte Inc., the world's leading airport baggage cart company, which it sold in 1996.

Castle Harlan Partners III is one of several investment funds totaling more than $1 billion that have been managed by Castle Harlan, Inc., and that represent major corporate and public pension funds, college endowments, foundations and indi-vidual investors. Since Castle Harlan's founding in 1987, the firm has completed ac-quisitions exceeding $3.5 billion.

Castle Harlan's portfolio companies have included Delaware Management Company, a Philadelphia money-management firm with more than $40 billion in assets under manage-ment; Indspec Chemical Corporation, a specialty chemical manufacturer; Ethan Allen Interiors, the furniture company, and Morton's Restaurant Group, owner of Morton's of Chicago, the international chain of steakhouses.

Currently among its portfolio companies are Commemorative Brands, Inc., a leading manufacturer of class rings and other specialty jewelry under the ArtCarved and Balfour brand names, and Statia Terminals Group N.V., one of the world's largest independent marine terminal companies serving the petroleum industry.

It also owns Universal Compression Inc., one of the world's three largest in-dependent providers of natural gas compression equipment and services, primarily to the energy industry.

Castle Harlan was founded by John K. Castle and Leonard M. Harlan, who are chairman and president of the firm, respectively. Castle was a pioneer in institutionalizing private equity investing through limited partnerships and is a former president and chief executive officer of Donaldson, Lufkin & Jenrette, the investment banking firm. Harlan is the, founder and former owner and chairman of The Harlan Company, a diversified real estate and corporate finance advisory firm.

AMR Corporation had said September 29 that it would sell three subsidiaries - AMR Services, AMR Combs and TeleService Resources (TSR) - to increase the focus on its core airline and related technology businesses. It announced the sale of AMR Combs to BBA Group PLC on December 15, and on December 21 announced Platinum Equity Holdings' acquisition of TSR.