Nippon Express and Panasonic Announce Memorandum of Understanding with
Regard to Partial Transfer of Shares in Panasonic Logistics Corporation
TOKYO & OSAKA, Japan -- March 28, 2013
Nippon Express Co., Ltd. (TOKYO:9062)("Nippon Express"), and Panasonic
Corporation (NYSE:PC)(TOKYO:6752)("Panasonic") today announced that the two
companies have signed a memorandum of understanding (MOU) in which Panasonic
agreed to transfer a part of its shares in Panasonic Logistics Co., Ltd.
("Panasonic Logistics"), a wholly owned subsidiary of Panasonic, to Nippon
Express (the "Share Transfer"). Nippon Express and Panasonic are currently
engaged in detailed discussions with the goal of promptly finalizing a
1. Background and Objectives of the Share Transfer
With "growth as a global logistics company" being a pillar of its basic
strategy, Nippon Express is quickly and flexibly accommodating the
increasingly sophisticated and diversified global business needs of its
customers, and the entire Nippon Express Group is working in concert toward
realization of this goal.
At the same time, Panasonic is pursuing greater efficiency in its group
logistics as a means of strengthening the competitiveness of its businesses.
The Share Transfer will permit Nippon Express to include in its group a new
company that will serve as a foundation on which to build a logistics platform
in the electronics industry for future growth, and will enable Panasonic to
bolster the competitiveness of its group logistics via Panasonic Logistics by
utilizing the know-how of Nippon Express as a total logistics company.
Panasonic Logistics aims to enhance its corporate value by ensuring growth and
profitability through the utilization of Nippon Express' global network and
know-how in optimizing logistics, and by increasing the efficiency of its
logistics operations while maintaining its current service level.
2. Corporate profile of Panasonic Logistics
(1) Corporate name : Panasonic Logistics Co., Ltd.
(2) Representative : Kouei Fujii, President
(3) Head office : 2-6, Higashi Beppu 3-Chome, Settsu-shi, Osaka,
(4) Date established : October 2001
(5) Business activities : Logistics and warehousing
(6) No. of employees : Approximately 1,200 (as of February 28, 2013)
(7) Amount of capital : 1,800 million yen
(8) Shareholdings : Panasonic 100.0%
(9) Net sales : 73,031 million yen (year ended March 31, 2012)
3. Outline of the Memorandum of Understanding (MOU)
An outline of the MOU signed by Nippon Express and Panasonic is provided
(1) Panasonic will transfer to Nippon Express 2,399,999 shares (66.6%) of
Panasonic Logistics out of 3,600,000 shares issued in total.
Panasonic Logistics as a member of the Nippon Express Group will aim to
(2) enhance logistics efficiency by utilizing Nippon Express' logistics
networks and know-how.
(3) Panasonic Logistics will maintain its current service level.
Nippon Express aims through the Share Transfer to acquire logistics
(4) know-how and customer networks in the electronics industry, and to
establish a logistics platform for this same industry.
(5) Panasonic seeks to utilize Nippon Express' know-how and logistics
services to strengthen the competitiveness of its group logistics.
4. Future Schedule
Nippon Express and Panasonic are currently engaged in detailed discussions
with the goal of promptly finalizing a definitive agreement by the end of May
2013. The Share Transfer will be made in accordance with the terms of the
definitive agreement and is currently expected to be completed in July 2013.
Both companies recognize that, where filings relating to the Share Transfer
are necessary pursuant to competition law in China, the EU, and other
countries, the schedule of the Share Transfer may change, depending on the
time required for expiration of the applicable post-filing waiting periods or
the time required for government approvals.
Nippon Express Co., Ltd.
Shinji Yamamoto, +81-3-6251-1454
Public and Investor Relations Division
Shozo Mizuno, +81-6-6908-1121
Corporate Finance & IR Group
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