ABX Air announced last week that it and DHL have agreed to arbitrate a dispute concerning allocation of certain overhead expenses, and that DHL has paid ABX Air $8.8 million in budgeted expense reimbursements previously withheld.
Since the $8.8 million payment was withheld on
Joe Hete, president and CEO of ABX Air, said, We welcome this action by DHL, along with their recent acknowledgement of the high-quality ACMI and sorting services we continue to provide to them as their principal U.S. service provider. It is a positive step, one that demonstrates that our mutual interest in DHLs success can be achieved only by working more closely together. We also appreciate that DHL has affirmed it will continue our relationship through the current terms of our commercial agreements, and its willingness to discuss a broad range of topics that could further benefit that relationship. As further described in ABX Airs Form 8-K filed with the Securities and Exchange Commission on