Creating synergy in transporting vehicles, electronics and chemical goods
Hyundai Glovis, a logistics unit of Hyundai Motor Group, has sold a 30.0% stake in its Polish affiliate Adampol S.A. to Changjiu Logistics for €18.3 million to strengthen its partnership with the Chinese automotive logistics company. It is hoped that the deal will create synergy for the two companies in transporting vehicles, electronics and chemical goods.
Hyundai Glovis said the deal would create synergy for the two companies in transporting vehicles, electronics and chemical goods as well as other cargos. Hyundai Glovis and Changjiu Logistics aim to expand their logistics network in Eurasia by maximising the two companies’ capacity and developing their collaboration. The companies will expand their service to Western Europe and Northern Europe from the Chinese cities of Xi’an and Chongqing through Poland
Changjiu Logistics, based in Beijing, is reportedly the leading private automotive logistics service provider in China. It transports around 4,100 forty-foot equivalent units, including 10,000 vehicles, between China and Europe, on a express rail service, every year.
Adampol, a vehicle logistics company, is 70.0% owned by Hyundai Glovis. The Company also operates a rail terminal at the Polish border town of Malaszewicze, a gateway between Europe and Asia.