Hyundai Glovis, the logistics unit of the South Korean conglomerate Hyundai Motor Group, has announced the acquisition of Poland based logistics company Adampol. Adampol, a major transporter for vehicles in Europe, acts as a carrier for 400,000 luxury brand vehicles including BMW, GM and Toyota for more than 20 years. Hyundai Glovis official was quoted by the Korea Herald as saying: The corporate value of Adampol is more than 70 million euro, which is the highest among foreign logistics companies that merged with local companies. Adampol had a 15% annual growth since 2011. Last year, sales for the company reached a €100m. Hyundai Glovis presently operates logistics facilities in more than 10 countries. The acquisition of Adampol is part of the companys aggressive business expansion plans for the European logistics market. The company has plans to set up new logistics warehouses in Belgium, Britain and the Czech Republic, reports South Korean daily the Chosun Ilbo. It had secured a $120m long-term contract last week with S-Oil for transportation of crude oil between the Middle East and the refinerys oil facilities in the southeastern port city of Ulsan.
Posted on: Wed, 26 Nov 2014 20:18:29 +0000
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