OREANDA-NEWS. Panasonic Corporation announced that Panasonic and Nippon Express Co., Ltd. have concluded a share transfer agreement and a shareholders agreement (collectively as “Definitive Agreement”) 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”) following the press release, “Nippon Express and Panasonic Announce Memorandum of Understanding with Regard to Partial Transfer of Shares in Panasonic Logistics Co., Ltd” on March 28, 2013.

As a consequence of the transfer, Panasonic Logistics will be excluded from Panasonic’s subsidiary, becoming a subsidiary of Nippon Express, on the date the share transfer is completed (expected in December 2013).

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.