Hyundai Glovis Bags $1.3bln Contract
Hyundai Glovis, a logistics company headquartered in Seoul and part of the Hyundai Kia Automotive Group, has secured 1.42 trillion won (US$1.3 billion) in orders to ship vehicles, said a report in RTT News.
The auto freight unit of South Korea's Hyundai Motor Group quoted as saying that the orders are to ship vehicles built by Hyundai Motor Co. and its smaller affiliate Kia Motors Corp.
The report said that, under the two separate deals, Hyundai Glovis said it is set to ship Hyundai and Kia cars to the United States, Europe, the Middle East and Asia until December 2019.
The two deals cover up to 60 percent of Hyundai and Kia's exports, respectively.
Last year, Hyundai Glovis signed a share purchase agreement with Eusu Ship Management Co., Ltd. to acquire 100% of its shares for KRW 11 billion for its enhancement of shipping business.
