Dubai – Mubasher: DP World has acquired a 60% stake in South Korea-based UNICO Logistics Co., with 25 subsidiaries in 20 countries, to raise the logistics capabilities of the UAE-based global port operator.
Expected to close in the fourth quarter (Q4) of 2020, the acquisition in part of DP World's plan to directly connect between end-customers and beneficial cargo owners to avoid inefficiencies in the supply chain, according to a press release on Monday.
Meanwhile, DP World will benefit from UNICO's strong market position in the fast-growing transcontinental rail freight market between East-Asia and Central-Asia and Russia.
Under the acquisition, a platform will be provided to drive synergies between UNICO and DP World operations in the Asia Pacific and European regions.
Commenting on the acquisition, the Group Chairman and CEO of DP World, Sultan Ahmed bin Sulayem, 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."
Meanwhile, the President and CEO of UNICO, H.J. Park, remarked: "Being part of DP World will allow us to develop further from the Group's deep relationship with end-customers and wide global network."
