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FMG (Flughafen München GmbH), incorporated in 1949, operates Munich Airport, which opened at its present site on May 17, 1992. It is jointly owned by the Free State of Bavaria (51 percent), the Federal Republic of Germany (26 percent) and the city of Munich (23 percent). The FMG corporate group, with its 14 subsidiaries, employs more than 8,000 people. With a total workforce numbering more than 32,000 employees with 550 companies, Munich Airport is one of Bavaria’s most important workplaces. Within just a few years of opening, Munich Airport developed into a major air transportation hub and was firmly established in the rankings of Europe's 10 busiest airports. Munich Airport now offers connections to more than 200 destinations all over the world and in 2014 handled approximately 40 million passengers.