Hyundai Glovis to spend $6.5 bn, seek M&As for expansion

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Hyundai Glovis to spend $6.5 bn, seek M&As for expansion - Korea Economic Daily

Quick Summary:

Sales will grow to over 40 trillion won in 2030 from 25 trillion won in 2023, he said.“We plan to achieve aggressive sales growth and high returns at the same time,” the CEO said during the company’s annual Investor Day in Seoul.“If necessary, we’ll also actively pursue M&As for business expansion.”The planned 9 trillion won investment will break down into 36% for logistics, 30% for shipping and 11% for logistics and distribution.

Hyundai Glovis Co., the logistics unit of South Korea’s Hyundai Motor Group, said on Friday it will spend 9 trillion won ($6.5 billion) through 2030 and seek mergers and acquisitions to expand the scope of its business from automotive to other promising sectors.

Hyundai Glovis is also striving to diversify its transport business portfolio from automobiles into other products, including natural gases, to become a total logistics provider, officials said.