Nippon Express & Panasonic Announce Memorandum of Understanding with Regard to Partial Transfer of Shares in Panasonic Logist...
28 Marzo 2013 - 9:30AM
Business Wire
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.
(2) Representative
: 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
(8) Shareholdings
: Panasonic 100.0%
(9) Net sales
: 73,031 million yen (year ended March 31,
2012)
3. Outline of the Memorandum of Understanding (MOU)
An outline of the MOU signed by Nippon Express and Panasonic is
provided below.
(1) Panasonic will transfer to Nippon Express 2,399,999
shares (66.6%) of Panasonic Logistics out of 3,600,000 shares
issued in total. (2) Panasonic Logistics as a member of the Nippon
Express Group will aim to enhance logistics efficiency by utilizing
Nippon Express' logistics networks and know-how. (3) Panasonic
Logistics will maintain its current service level. (4) Nippon
Express aims through the Share Transfer to acquire logistics
know-how and customer networks in the electronics industry, and to
establish a logistics platform for this same industry. (5)
Panasonic seeks to utilize Nippon Express' know-how and logistics
services to strengthen the competitiveness of its group logistics.
4. Future Schedule
Nippon Express and Panasonic are currently engaged in detailed
discussions with the goal of promptly finalizing a definitive
agreement by the end of May 2013. The Share Transfer will be made
in accordance with the terms of the definitive agreement and is
currently expected to be completed in July 2013. Both companies
recognize that, where filings relating to the Share Transfer are
necessary pursuant to competition law in China, the EU, and other
countries, the schedule of the Share Transfer may change, depending
on the time required for expiration of the applicable post-filing
waiting periods or the time required for government approvals.
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