AMR to Sell Services Unit to Castle Harlan

AMR Corp., parent of the world’s No. 2 carrier, American Airlines, agreed to sell its services unit to Castle Harlan Inc. for an undisclosed amount to focus on running the airline. Closely held Castle Harlan, a New York-based merchant bank that specializes in leveraged buyouts, will acquire AMR Services, which posted revenue last year of $202 million, through its Castle Harlan Partners III $630-million limited partnership. AMR Services provides ground services for more than 200 airlines at more than 60 airports in the U.S., Canada, the Caribbean, Europe and Asia. The company employs about 8,000 people and expects revenue of $220 million this year. The sale is the third this month for AMR, which wants to concentrate on American Airlines. On Dec. 21, the company sold its telemarketing unit, TeleService Resources, to Los Angeles-based Platinum Equity Holdings for an undisclosed amount. Shares of Fort Worth-based AMR fell 44 cents to close at $58.88 on the NYSE.