Nippon Express is to take a 66.7 per cent shareholding in Panasonic Logistics under a deal with Panasonic Corporation, which it will use to develop its services in the electronics market.
Osaka-based Panasonic Logistics had net sales of 65 bn yen (£426m) in the year to 31st March 2013.
Panasonic said the deal would enable it to boost the competitiveness of its group logistics via Panasonic Logistics by utilising the know-how of Nippon Express as a total logistics company.
“Panasonic Logistics aims to enhance its corporate value by ensuring growth and profitability through the utilisation of Nippon Express global network and know-how in optimising logistics and increasing the efficiency of its logistics operations while maintaining its current service level,” it said.
The deal is expected to be completed in December 2013, and following that the company will change its name to Nittsu-Panasonic Logistics Co Ltd.
