Ng Yat Chung, group president and CEO of NOL, said: This is a strategic move that will allow us to

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Kintetsu World Express (KWE) and Neptune Orient Lines Limited (NOL) have entered into a sale and purchase agreement for NOL s logistics business, APL Logistics (APLL), for US$1.2 billion as part of the Japanese forwarding and logistics group s ambitions to compete with the major global players.
KWE said the establishment of a management base that could compete on a par with European and US competitors in the global market was one of the group s management priorities. It described APLL as a logistics company roadway tracking with strengths in logistics services and various high-value-added services for companies in the automobile industry and retail industry, among others, and it is expanding its business globally, with a focus on North America and Asia.
By welcoming APLL into the KWE Group, we can expect to complement the KWE Group s freight forwarding services in terms of both commodities roadway tracking handled and regions for expansion, and we will be able to combine the logistics services and various high-value-added services that are the strengths of APLL with the air and sea freight forwarding services that the KWE Group is expanding globally, the group said. These synergies will, in turn, make it possible to create new value and provide a broad range of optimized logistics services to customers.
Satoshi Ishizaki, group president and CEO of KWE, commented: We are very pleased to successfully enter into this transaction. Since 2013, we have laid out a strategy to strengthen our international roadway tracking presence especially in the US and Asia. This transaction fits right into our strategy.
We intend to retain the headquarters of APL Logistics in Singapore and to run it as a separate unit. We will also ensure that members of the group work together for the benefit of our stakeholders. We warmly welcome customers and employees of APL Logistics into our group. To them, I would like to give my assurance that when this transaction is completed, KWE will continue to invest in and expand APL Logistics services so as to serve our customers better, and to create exciting career growth opportunities for all employees of the KWE family.
The KWE Group said it would continue to push ahead with efforts to realize the establishment of a management base that can compete on a par with European and US competitors in the global market, by quickly manifesting the synergies created by bringing APLL into the group.
Ng Yat Chung, group president and CEO of NOL, said: This is a strategic move that will allow us to focus on improving our liner shipping business, while at the same time enabling APL Logistics to grow. The transaction will also strengthen our balance sheet and unlock value for our shareholders.
NOL said that the divestment of APL Logistics followed a robust and highly competitive process , and that the net proceeds of the sale would be applied to strengthen NOL s financial position, including to repay its borrowings. It also said that the divestment would allow APL Logistics roadway tracking to realise its full potential.
The proposed transaction with KWE is expected to provide APL Logistics with the opportunity to expand its business with the backing of a company with strong fundamentals and a commitment to grow in the logistics space. We believe roadway tracking that KWE has the ability and the ambition to continue APL Logistics growth strategy, continued Ng.
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