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In a strategic move to dominate South Korea's smart logistics solutions market by 2025, Hyundai Glovis Co. acquires Altiall Inc., an expert in logistics automation solutions. The deal is expected to revolutionize logistics efficiency and boost market presence.
Hyundai Glovis hopes to become one of the leading companies in the smart logistics solutions market in South Korea by the year 2025. According to The Korea Economic Daily, the company announced on Monday, June 19, that it had signed a stock purchase agreement for the acquisition of Altiall, which is known for its logistics automation solutions specialties.
With Altiall aboard the company, Hyundai Glovis will now work to boost its market presence in the country. It may also use Altiall's specialized information technology and logistics automation software for smart solutions that will make transporting and storing goods from the point of origin to the point of consumption more systematic and efficient.
Moreover, Altiall is able to rebuild and apply automation software without the need to stop operations. This means that its service will allow uninterrupted operations even while the system is being organized to improve productivity by up to 30%.
Although it was reported that the due diligence process and negotiations for the price and other terms were already completed, Hyundai Glovis did not disclose the financial terms for acquiring Altiall. This is because the companies reportedly agreed not to share such details with the public.
"Through the synergies of the acquisition with Altiall, we aim to become a top player in the domestic logistics automation market as early as 2025," Korea Tech Today quoted Hyundai Glovis as saying in a statement regarding the buyout deal. "We plan to expand orders by targeting distribution logistics such as food, beverage, clothing, and bio, and manufacturing logistics such as secondary batteries and automobiles as key target industries."
