Hon Hai Precision Industry Co’s (鴻海精密) logistics subsidiary ChengDu Jusda Supply Chain Management Co LTD (準時達) yesterday joined forces with a South Korean peer in a bid to improve their performance on the global stage.
Jusda and SK Holding C&C Co inked a pact to set up a joint venture to deepen their presence in the logistics industry.
The agreement marked yet another collaboration between Hon Hai and SK Group after the Taiwanese company bought a 4.9 percent stake in SK Group’s IT services arm SK C&C for 381 billion won (US$346.83 million) in June 2014.
Jusda is Hon Hai’s wholly-owned logistics subsidiary based in China’s Chengdu that offers services via land, sea and air. It has 155 offices and storage facilities around the world.
Under the agreement, SK C&C is to own the management rights and a controlling stake of the joint venture by utilizing 30 billion won to 40 billion won in equity capital, Jusda and SK C&C said.
“The joint venture is expected to be established in South Korea later this month and will begin operations on several projects by the end of this year,” Jusda brand management official Lily Xiang (向立黎) said by telephone.
The joint venture will leverage the resources of Jusda’s global logistics capacity and SK C&C’s information and communication technologies (ICT) business, including artificial intelligence and a chatbot, Xiang said.
The joint venture is to explore new business opportunities in China, Japan, the Czech Republic and India, Jusda said.
Services are to include outsourcing businesses from transportation and customs clearing to storage. They plan to sell and license SK C&C’s ICT platforms starting with Jusda’s more than 200 clients, the two firms said.
The joint venture is also to cooperate with SK Group’s e-commerce platform 11Street to offer cross-border supply chain management services to enterprises in China’s tax-protected zones, Jusda said.
The announcement of the deal came after Jusda and Sharp Corp signed an agreement to form a logistics joint venture in Japan with capital of ￥50 million (US$481,619) on Sept. 30.
“Jusda plans to strengthen and expand its position in the global market through setting up joint ventures with international companies in various regions,” Xiang said.
She said the agreements with Sharp and SK C&C were Jusda’s latest expansion efforts in the Asia-Pacific market, adding that the firm is also exploring logistics business opportunities with Hon Hai in India.
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