Nippon Express Co., Ltd. (TOKYO:9062)("Nippon Express"), and Panasonic Corporation (NYSE:PC)(TOKYO:6752)("Panasonic") today announced that the two companies have signed a memorandum of understanding (MOU) in which Panasonic agreed to transfer a part of its shares in Panasonic Logistics Co., Ltd. ("Panasonic Logistics"), a wholly owned subsidiary of Panasonic, to Nippon Express (the "Share Transfer"). Nippon Express and Panasonic are currently engaged in detailed discussions with the goal of promptly finalizing a definitive agreement.
1. Background and Objectives of the Share Transfer
With "growth as a global logistics company" being a pillar of its basic strategy, Nippon Express is quickly and flexibly accommodating the increasingly sophisticated and diversified global business needs of its customers, and the entire Nippon Express Group is working in concert toward realization of this goal.
At the same time, Panasonic is pursuing greater efficiency in its group logistics as a means of strengthening the competitiveness of its businesses.The Share Transfer will permit Nippon Express to include in its group a new company that will serve as a foundation on which to build a logistics platform in the electronics industry for future growth, and will enable Panasonic to bolster the competitiveness of its group logistics via Panasonic Logistics by utilizing 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 utilization of Nippon Express' global network and know-how in optimizing logistics, and by increasing the efficiency of its logistics operations while maintaining its current service level. 2. Corporate profile of Panasonic Logistics
|(1) Corporate name||
: Panasonic Logistics Co., Ltd.
: Kouei Fujii, President
|(3) Head office||
: 2-6, Higashi Beppu 3-Chome, Settsu-shi, Osaka, Japan
|(4) Date established||
: October 2001
|(5) Business activities||
: Logistics and warehousing
|(6) No. of employees||
: Approximately 1,200 (as of February 28, 2013)
|(7) Amount of capital||
: 1,800 million yen
: Panasonic 100.0%
|(9) Net sales||
: 73,031 million yen (year ended March 31, 2012)