Equity interests acquisition completed, MD Logistics is Nippon Express subsidiary

KUALA LUMPUR, Sept 3 -- Nippon Express Co Ltd (the Company) has completed the acquisition of entire equity interests in MD Logistics LLC and MD Express LLC (together MD Logistics) via the Company's US subsidiary, Nippon Express USA Inc.

According to a statement, MD Logistics’ trade names were MD Logistics Inc and MD Express Inc.

However, as previously announced, the two entities have been reorganised to LLC (Limited Liability Company) as part of the transfer procedure of equity interests.

MD Logistics, established in 1996, is a domestic logistics provider for the pharmaceutical and retail industries in the US, whose revenue for the fiscal year ending December 2019 was US$51 million (US$1 = RM4.141)

Under the internal management system that complies with licensing and guidelines with regards to the handling of pharmaceuticals, MD Logistics provides distribution processing operations.

Furthermore, MD Logistics also provides speedy collection and delivery services that cover the entire US.

By including MD Logistics into the Group as a subsidiary, Nippon Express acquired domestic logistics functions in the US, which accounts for about 40 per cent of global pharmaceutical demand and represents the largest consumer goods market in the world.

Going forward, the Company looks to provide integrated logistics services by combining the Group's international transportation network to support the globalisation of its customers' supply chains.

-- BERNAMA