Purchase, N.Y. and Incheon, South Korea, August 31, 2021 – Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) announced today that its wholly-owned subsidiary Atlas Air, Inc. has signed a Memorandum of Agreement to enter into a joint venture with Sharp Technics K to develop a dedicated maintenance, repair and overhaul (MRO) facility at Incheon International Airport (ICN) in South Korea. The maintenance facility is expected to open in 2025.

Sharp Technics K President Soon-Suk Paik said his company is honored to partner with Atlas Air on this custom freighter aircraft maintenance facility. “This facility at Incheon Airport will be able to accommodate multiple wide-body aircraft at the same time, enabling the facility to contribute to the growth of airfreight and e-commerce on a global scale as ICN expands its role in the MRO aviation industry,” Mr. Paik said.

John W. Dietrich, President and Chief Executive Officer of Atlas Air Worldwide, said he welcomes Sharp Technics K’s approach to finding the right solution for Atlas Air’s growing wide-body maintenance needs in the Asia-Pacific region.

“Incheon International Airport is a key airport for us in our global network as we serve customers around the world,” Mr. Dietrich said. “Our partnership with Sharp Technics K will enable us to further streamline maintenance planning with their integrated approach to servicing our fleet.”

Kyung-Wook Kim, President of Incheon International Airport Corporation said: “We look forward to supporting Atlas Air’s MRO needs with this new facility as ICN focuses on cultivating the air cargo industry. This development will serve as a cornerstone for new growth as we strengthen Korea’s competitive position in serving the worldwide aviation MRO industry.”