Enflame Shares Surge 200% in Shanghai AI Chip Debut 
Central Banks Could Buy 20,000 Tonnes of Gold: BofA 
Asian Bank Stocks Slide as BofA Warning and Rising Yields Hit Sentiment 
Optus Apologises After Network Outage Disrupts Emergency Calls 
BOJ Set to Raise Rates to 1.25% as Inflation Risks Build 
Dollar Rises as Fed Hike Bets Weigh on Asian Currencies 
Gold Prices Steady as Oil Disruptions Boost Fed Rate Hike Bets 
Novartis M&A Strategy Faces Investor Scrutiny After Drug Setbacks 
SoftBank Shares Plunge 11% After OpenAI Rules Out 2026 IPO 
Asian Tech Stocks Slide as AI Concerns and Rising Bond Yields Hit Chipmakers 
Gulf Ministers to Meet Iran in Oman Over Hormuz Shipping Deal 
Goldman Sachs Forecasts Fed Rate Hike as Inflation Risks Rise 
UK Businesses Urge Government to Cut Electricity Levies 
Hyundai Delays In-House ADAS, Turns to Nvidia 
Boeing, SPEEA Reach Tentative Four-Year Labor Deal 
Ares Names James Garforth Principal for Asia Direct Lending 
German 2-Year Yield Hits 2023 High as Rate Hike Bets Rise 
Add as a preferred source on Google
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."
