Cargojet divests minority stake in U.S.-based 21 Air to focus on domestic operations

A Cargojet plane sits on the tarmac at the John C. Munro Hamilton International Airport in Hamilton, Ont., Friday, Feb. 23, 2024. THE CANADIAN PRESS/Nick Iwanyshyn

Cargojet Inc. says it has entered into an agreement to divest its minority stake in U.S.-based air cargo operator 21 Air LLC.

Pauline Dhillon, the Cargojet CEO, says the decision will strengthen its focus on its domestic network.

In 2021, the Mississauga, Ont.-based company acquired a 25 per cent interest in 21 Air.

Following the divestment, Cargojet says it and 21 Air will continue to collaborate on certain opportunities.

In February, Cargojet reported its net earnings fell 63 per cent year-over-year to $26.6 million in the fourth quarter, while revenues decreased three per cent to $284.7 million.

It attributed the profit plunge to an extra $37.7 million in net finance costs as well as other gains and losses.

This report by The Canadian Press was first published April 2, 2026.

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The Canadian Press