NYK Logistics, Yusen Air & Sea to integrate businesses

NYK LOGISTICS (Japan) Co Ltd and Yusen Air & Sea Service Co Ltd (YAS) plan to integrate their logistics businesses after signing a letter of intent (LOI) to move towards implementing this goal.

NYK and YAS said in a joint statement that they aim to use the integration to boost the value of the NYK group's logistics business by improving its efficiency.

The plan calls for the logistics business of NYK Logistics (Japan) to be integrated into YAS through an "absorption-type de-merger or business transfer with cash consideration" on October 1.

Upon completion of the integration of domestic operations, YAS will change its trade name to Yusen Logistics Co Ltd, but will remain a listed subsidiary of the NYK group.

YAS president Shunichi Yano and NYK president Masahiko Fukatsu will become representative directors of the newly integrated company.

Overseas the two companies' logistics businesses will integrate gradually from between April 2011 and March 2012 through new joint ventures.

Source: www.schednet.com