Major Japanese international freight forwarder Kintetsu World Express said that it has signed a basic agreement to acquire a wholly owned trading arm of electronics giant Panasonic Corp.
Under the basic agreement, KWE will purchase a 65% stake in Panasonic Trading Service Japan Co. as part of efforts to “meet the increasingly diversified needs of its customers globally,” KWE said in a press release.
KWE now aims to sign a final agreement with Panasonic on the acquisition by the end of this year and complete the transaction in April next year, the Tokyo-based company said.
Panasonic Trading Service Japan, headquartered in Osaka City, Osaka Prefecture, western Japan, provides export- and import-related services for the Panasonic group companies.
Panasonic Trading Service Japan currently has about 120 employees. It posted sales of about 1.46 billion yen ($14.9 million) in its last financial year ended on March 31, 2013.
Nippon Express Co., Yusen Logistics Co. and KWE are Japan’s three largest international freight forwarders.