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Wilh. Wilhelmsen acquires stake in Korean logistics company

22.11.2004 (WW )

Pursuant to its strategy to be a major global provider of transportation and logistic services to the automotive industry, Wilh. Wilhelmsen ASA has acquired a 25 per cent stake in Glovis Co., Ltd. The agreed price is USD 100 mill. cash.

Glovis is a major provider of comprehensive logistical services both in Korea and overseas. The company's turnover in 2004 will be about USD 800 mill., and substantial growth is expected for the coming years.

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