Nippon Express and Panasonic have signed a memorandum of understanding in which Panasonic agreed to transfer a part of its shares in its subsidiary Panasonic Logistics to Nippon Express.
According to the agreement, Panasonic will transfer about 2.4 million shares, or 66.6 percent, of Panasonic Logistics’ 3.6 million total shares. The share transfer will permit Nippon Express to include in its group a new company that will serve as a foundation on which to build a logistics platform in the electronics industry.
Both companies are currently engaged in negotiations with the goal of finalizing a definitive deal by the end of May. The share transfer is expected to be completed in July.
Nippon Express also recently formed an alliance with NEC Corp., one of Japan’s largest electronic makers, to strengthen its logistics operations.