DP World Acquires Majority Stake in UNICO Logistics
Dubai-based DP World said it has agreed to acquire a 60% stake in South Korea's UNICO Logistics Co. Ltd. as the firm continues its expansion across the worldwide end-to-end logistics supply chain. The transaction, subject to regulatory clearances, is expected to close in the fourth quarter of 2020.
Established in 2002 by H.J. Park and headquartered in South Korea, UNICO is one of the largest independent NVOCC (Non-Vessel Operating Common Carrier) in South Korea, with a global footprint of 25 subsidiaries in 20 countries. The multimodal transport specialist has a strong market position in the transcontinental rail freight market between East-Asia and Central-Asia and Russia, in particular on the Trans-Siberian Railway (TSR) and Trans China Railway (TCR).
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."