NYK, Yamato form strategic alliance

NYK, Yamato form strategic alliance    Japan’s Nippon Yusen Kabushiki Kaisha and Yamato Holdings Co. Ltd. today signed a strategic alliance agreement that includes both business and capital partnership.
   Under terms of the alliance agreement, NYK and Yamato will combine domestic and overseas management resources within their sea, land and air logistics businesses.
   The partners’ initial targets for business growth and developments are integrated global logistics service for Japanese exports and imports, business to business logistics service targeting China and management and leasing service of transport equipment using IC tags.
   NYK said the two companies will establish a joint venture as an operating platform that will be capitalized at 2 billion yen ($18 million). The new company will aim for revenue of 17 billion yen ($154 million) and profit of 1.5 billion yen ($13.6 million) in the fiscal year 2009.
   NYK and Yamato will also invest 10 billion yen ($90.4 million) buying shares in each other to fund further collaboration of the their respective air freight forwarding units.
   “Through this announced strategic alliance and the potential expansion of these partnerships, and by utilizing their overseas and domestic network, NYK Group and Yamato group will be able to achieve a leading position in the area of global logistics business and provide more comprehensive solutions to customers,” NYK said.