DP World, the Dubai- based terminal operator, has agreed to acquire a 60% shareholding in UNICO Logistics Co. Ltd. as it pursues its goal of providing efficiency and connectivity to the global supply chain.
According to a statement, the transaction, subject to regulatory clearances, is expected to close in Q4 2020, and represents another strategic step in DP World’s vision to build an integrated suite of service offerings.
Established in 2002 by H.J. Park and headquartered in South Korea, UNICO has a global footprint of 25 subsidiaries in 20 countries and is one of the largest independent NVOCC (Non-Vessel Operating Common Carrier) in South Korea.
UNICO is a multimodal transport specialist with strong market position in the fast-growing transcontinental rail freight market between East-Asia and Central-Asia and Russia, in particular on the strategically important Trans-Siberian Railway (TSR) and Trans China Railway (TCR).
The terminal operator said the acquisition is in line with the global strategy to grow as a smart supply chain solutions provider and will provide a platform to drive synergies between UNICO and DP World operations in the Asia Pacific and European regions.
In addition, UNICO’s expertise in handling automotive logistics is aligned with DP World’s strategic focus on this sector.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “DP World’s vision is to become the leading end-to-end supply chain solutions provider.
“By integrating Unico into our worldwide network we will be able to offer better service to our customers in South Korea and beyond.
“These new services further strengthen our logistics capabilities, which we are combining with our maritime services operations and our worldwide network of ports and terminals.”
H.J. Park, President and CEO, UNICO Logistics Co. Ltd., said: “UNICO has delivered significant growth over the years and we are proud of our success but we believe this partnership with DP World will allow us to take the business to the next stage of its growth.
“Being part of DP World will allow us to develop further from the Group’s deep relationship with end-customers and wide global network. We look forward to a prosperous future together.”