Hyundai Glovis has completed its purchase of a 70% controlling stake in Polish finished vehicle carrier Adampol. As reported last November, the Korean logistics provider signed an agreement to take over Adampol, giving the company direct access to European trucking and logistics assets for the first time. That agreement was subject to regulatory approval, which has now been completed.
Under the terms of the agreement, Hyundai Glovis’ division in Europe – Glovis Europe – and Adampol will combine their respective capabilities to improve their competitiveness in Europe and Russia in terms of finished vehicle logistics and automotive parts supply. Adampol operates in Russia under its Vectura subsidiary.
Hyundai Glovis is part of the Hyundai Group, and is responsible for operating in-plant logistics and management vehicle logistics for Hyundai and Kia plants. Up to now, its European operations have focused more on contracting logistics providers and consolidating transport and warehousing between the two brands. Currently Hyundai Glovis has a number of logistical centres in Europe across five subsidiaries, including those in Germany, Slovakia, the Czech Republic and Turkey, as well as an operation in Russia.
The acquisition, however, is part of the company’s stated ambition to increase third-party business in Europe, in line with operations in other global markets, including South Korea and the US.
“The cooperation enables us to offer a unique logistics solution on the market integrating overseas shipping services to inland transportation and compound activities,” said Elena Lukanova, president of Adampol.
Each company will continue to operate as independent entities to meet current commitments, and Adampol’s management will remain in place.
“Glovis Europe is aware of the high service and quality level achieved over the years by the current Adampol management and would like to underline that the management remains unchanged,” said the company in a statement.
Elena Lukanova and Adam Byglewski, who represent the Board of Directors at Adampol, along with all the main managers, will continue in their current roles. The board of directors will be extended by two members appointed by Glovis Europe who will take responsibility for financial affairs.