The Dubai-based logistics provider, DP World has agreed to acquire a 60% shareholding in UNICO Logistics Co. Ltd, one of the largest independent NVOCC (Non-Vessel Operating Common Carrier) in South Korea.
The transaction, subject to regulatory clearances, is expected to close in the fourth quarter of 2020 and the Dubai company said it represents another strategic step in DP World's vision to build an integrated suite of service offerings that will connect directly with end-customers and beneficial cargo owners to remove inefficiencies in the supply chain and accelerate trade growth.
Established in 2002 by H.J. Park and headquartered in South Korea, UNICO has a global footprint of 25 subsidiaries in 20 countries. 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).
"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," stated H.J. Park, president and CEO of UNICO Logistics.
The acquisition is in line with DP World's 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, according to an announcement.
"By integrating Unico into our worldwide network we will be able to offer a better service to our customers in South Korea and beyond. These new services further strengthen our logistics capabilities," commented Sultan Ahmed Bin Sulayem, DP World Group chairman and CEO.