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Samsung SDS Co., a logistics and IT solutions unit of South Korea’s largest conglomerate Samsung Group, will set up a joint venture with Hong Kong-based third-party logistics provider Kerry Logistics Network Ltd. in a bid to expand its presence in the fast-growing Chinese logistics market.
The Korean logistics company said on Tuesday that it has signed an agreement with Kerry Logistics to form a joint venture in China. Kerry Logistics is a Hong Kong-based logistics firm that covers 42 countries across the world including China and the United States.
Through the Chinese joint venture, Samsung SDS seeks to expand its logistics business in the Asia’s largest market by incorporating its expertise in logistics and IT solution sectors with Kerry Logistics’ local sales network and infrastructures. The company is expected to focus on the burgeoning logistics demand in the food and beverages, pharmaceutical, healthcare and e-commerce sectors in China.
The joint venture will create synergy effect, said Kim Hyung-tae, executive vice president of Samsung SDS, adding that the company will continue strengthening its overseas logistics business to stand shoulder to shoulder with other international logistics specialists.
Last year, Samsung SDS formed a joint venture with Thailand’s top logistics firm Acutech and another one with Vietnam’s leading air freight terminal operator Aviation Logistics Corp. (ALS) as part of its efforts to expand presence in the Southeast Asian market.
By Lee Dong-in
Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.
Source: Pulse by Maeil Business News Korea (May. 16, 2017)