Dubai-based ports giant DP World continues its push to becoming an end-to-end supply chain logistics player with the acquisition of a 60% shareholding in South Korean company UNICO Logistics.
UNICO is one of the largest independent non-vessel operating common carriers in South Korea, and has a presence in 20 countries. The company is a multimodal transport specialist with a strong position in the transcontinental rail freight market between East-Asia and Central-Asia and Russia.
DP World says the acquisition is in line with its strategy to grow as a smart supply chain solutions provider. Additionally, UNICO’s expertise in handling automotive logistics is aligned with DP World’s strategic focus on this sector.
DP World has been on an acquisition spree over recent years having acquired Unifeeder in 2018, as well as Feedertech in 2019. It also bought OSV operator Topaz Energy & Marine last July. In recent weeks it has been linked to the acquisition of Transworld’s Shreyas Shipping and Logistics, a feeder boxline with 13 Indian-flagged ships in its fleet.
Sultan Ahmed Bin Sulayem, group chairman and CEO of 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.”
The transaction is expected to close in the fourth quarter of 2020.