[Public Notice+] Taewoong Logistics Acquires 100% Stake in GLS Korea, an International Freight Forwarding Company

[Asia Economy Reporter Jang Hyowon] Taewoong Logistics is expanding its business scope through the acquisition of shares in GLS Korea.

Comprehensive logistics service company Taewoong Logistics (CEO Han Jaedong) announced on the 10th that it has decided to acquire 100% of the shares of GLS Korea, an international freight forwarding company specializing in overseas moving cargo and exhibition cargo transportation, for 6.8 billion KRW.

GLS Korea, established in 2004, is an international freight forwarding company specializing in B2B overseas moving cargo transportation, exhibition cargo transportation, and logistics warehouse (storage) services. Headquartered in Seoul, it operates a logistics center in Namyangju and an office in Busan, providing services across a wide range of regions including China, the United States, Russia, Southeast Asia, and Europe.

GLS Korea is currently a leading company in the domestic B2B overseas moving cargo transportation industry, receiving favorable reviews for service preference by combining specialized personnel and a systematic IT system along with exhibition cargo transportation services.

Han Jaedong, CEO of Taewoong Logistics, stated, “We plan to expand our business base from the current B2B market, which is the foundation of GLS Korea’s overseas moving cargo transportation service, to the B2C market, and also strengthen the specialization of exhibition cargo transportation. Through Taewoong Logistics’ global network, including overseas subsidiaries, we will develop GLS Korea into a world-class overseas moving cargo transportation company and grow its sales to around 50 billion KRW within three years.”