Nippon Express Co., Japan’s largest international freight forwarder, signed an agreement to acquire Panasonic Logistics Co., the wholly owned logistics arm of electronics giant Panasonic Corp.
Under the agreement, Nippon Express will purchase a 66.7% stake in Panasonic Logistics in December this year as part of efforts to meet the increasingly sophisticated and diversified needs of its customers globally, the Tokyo-based company said. Nippon Express did not disclose the value of the transaction.
“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 for future growth, and will enable Panasonic to bolster the competitiveness of its group logistics via Panasonic Logistics by utilizing the know-how of Nippon Express as a total logistics company,” Nippon Express said in a statement.
Nippon Express also said in March that it would acquire NEC Logistics Ltd., the wholly owned logistics arm of another major Japanese electronics maker NEC Corp., around October this year.