Mitsubishi Electric Logistics Corporation to Become Seino Subsidiary
June 17 2024 - 8:23PM
Business Wire
SEINO HOLDINGS CO., LTD. (TOKYO and NAGOYA: 9076) and Mitsubishi
Electric Corporation (TOKYO: 6503) have today concluded a stock
purchase agreement under which Seino will acquire 66.6 percent of
the common shares of Mitsubishi Electric Logistics Corporation
currently held by Mitsubishi Electric, and a shareholder agreement
governing arrangements among shareholders regarding the business
operations of the logistics company after the transaction.
Subject to regulatory approvals from relevant authorities, the
share transfer is expected to be concluded around October 1 this
year and the company will become a subsidiary of Seino, which will
hold 66.6 percent of the shares, and an equity-method affiliate of
Mitsubishi Electric, which will hold the remaining 33.4
percent.
The importance of building a sustainable logistics supply chain
is growing in Japan, where labor shortages are weakening
long-distance transportation capabilities, and emergencies such as
pandemics and disasters have been shown to disrupt supply chains.
Other pressures include the increasing diversity of goods being
shipped and the growing complexity of transportation due to the
globalization of production bases and sales channels.
Under such circumstances, Seino has been promoting initiatives
to streamline its entire logistics operations, such as through the
establishment of new domestic bases and the expansion of logistics
functions in various areas, under its strategy focusing on
transitioning from a “LTL trucking company” to a “logistics
company”. In Seino’s “Medium to Long-term Management Direction -
Desired State and Roadmap 2028” formulated in June 2023, Seino has
positioned its Electronics Solutions Division, Automotive Battery
Logistics Division, and Healthcare Solutions Division as the “three
focus areas” in its logistics operations, supporting the
optimization of global companies’ supply chains by enhancing
industry-specific solutions through improved compatibility with
Seino’s overseas networks.
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www.MitsubishiElectric.com/news/
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Media Inquiries
SEINO HOLDINGS CO., LTD. Branding & Public Relations
Strategy Office, Public Relations Division kouhou@seino.co.jp
Mitsubishi Electric Corporation Public Relations Division
prd.gnews@nk.MitsubishiElectric.co.jp