ECU Worldwide Korea, a joint venture of Allcargo Logistics, has launched a new subsidiary, Allcargo ULS Terminals, to strengthen its warehousing presence in South Korea. This move marks a significant step for Allcargo in expanding its logistics footprint in Asia.
In a recent exchange filing, Allcargo Logistics announced the incorporation of Allcargo ULS Terminals, aimed at owning and leasing warehouse spaces in Korea. The acquisition of these warehouses is pending approval from the Busan port authorities, a crucial step for operational commencement.
Allcargo will hold a 49% stake in the newly formed entity, highlighting its strategic investment in the Korean market, which aligns with its vision to enhance global supply chain efficiencies.
ECU Worldwide, recognised as the leader in Less-than-Container Load (LCL) consolidation, facilitates cargo movement across 180 countries through more than 2,400 direct trade lanes and offers door-to-door delivery services in over 50 markets. The establishment of Allcargo ULS Terminals is expected to bolster ECU Worldwide’s position by providing essential warehousing support, thus enabling smoother and more efficient cargo handling operations.
The move underscores Allcargo’s commitment to expanding its service offerings and creating value for its global clientele, enhancing its role in the global logistics landscape.
