Samsung SDS to Acquire Air Cargo Specialist Woojung Air, Strengthening Air Logistics Competitiveness
IT DAILY ·
✦ AI Summary
Samsung SDS signed a share transfer agreement to acquire 100% of Woojung Air's stake.
Samsung SDS plans to complete the acquisition process within this year and incorporate Woojung Air as a subsidiary specializing in air cargo consolidation.
Through the acquisition, Samsung SDS aims to secure air cargo transport capabilities and logistics infrastructure to strengthen its competitiveness in external logistics operations.
Samsung SDS will acquire Woojung Air. As announced by the industry on the 13th, Samsung SDS signed a share transfer agreement the previous day to acquire 100% of Woojung Air's stake. Samsung SDS plans to complete the acquisition process within this year and incorporate Woojung Air as a subsidiary specializing in air cargo consolidation.
Woojung Air is a company specializing in air cargo consolidation. It was founded in 1999. The company has built its business by securing cargo space through airline contracts and then collecting and transporting small shipments from multiple shippers.
Samsung SDS's objective in the acquisition is to secure air cargo transport capabilities and logistics infrastructure, and to strengthen its competitiveness in external logistics operations. Woojung Air operates a logistics center at Incheon International Airport that functions as a commercial shipper terminal with in-house security screening. It also runs the digital air logistics platform "iNOMAD."
Once the acquisition is completed, Samsung SDS is expected to use Woojung Air's transport capabilities and logistics facilities. Through this, it aims to improve cargo operation efficiency from Korea and also enhance the efficiency of cargo operations transiting Incheon from Asia.
Samsung SDS is also expected to link "iNOMAD" with its digital logistics platform "Cello Square." This is expected to further advance its air transport processing capabilities.
A Samsung SDS official said the company sees that Samsung SDS can apply the major airline cargo space operation contracts held by Woojung Air and Woojung Air's ability to improve transport cost efficiency through cargo consolidation to its own business by leveraging those contracts and capabilities, and expects this to accelerate Samsung SDS's external logistics business.
Source: IT DAILY · Yang Seung-gab
Original: https://www.itdaily.kr/news/articleView.html?idxno=242138
References
This article was produced with the help of an automated content generation algorithm.
Source: IT DAILY
View originalThis article was summarized and organized by BizCrush based on the original article from IT DAILY. For exact quotations and full details, please refer to the original article.