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World Air buys North American Airlines for $35 million
World Air Holdings, parent of World Airways, on Wednesday announced it had acquired North American Airlines, a small privately held New York-based carrier, for $35 million in cash.
The airlines will be managed and operated independently of one another, said World Holdings CEO Randy Martinez. World operates 16 MD-11s and DC-10s in civil and military passenger and cargo charter services, while NAA operates three leased 767-300ERs and five leased 757-200ERs in civil and military charter services. It also has limited scheduled flights to the Caribbean and Hawaii. It employs 600.