Japanese shipping company Nippon Yusen Kaisha (NYK) and Mitsubishi Logistics Corporation (MLC) agreed to form a joint holding company to integrate port and harbor transportation business companies of NYK.
Specifically, the integration relates to the management of the four NYK Group terminal operation companies in Japan, and merging of UNI-X Corporation and Nippon Container Terminals.
” The aim is to consolidate quality improvement efforts and enhance long term service stability for port and harbor transportation business of the company group,” NYK said announcing the move.
NYK is the majority shareholder in the joint holding company with 51% stake, while MLC will hold the remaining 49% stake in the new entity.
The deal is subject to administrative approval by the authorities concerned and necessary proceedings.
Once, and if, the regulatory approvals are obtained, the duo plans to establish the holding company by November 2018, and merge UNI-X and NCT by January 2019.