SEOUL: Hyundai Glovis Co., the logistics unit of Hyundai Motor Group, said Friday it will invest more than 9 trillion won (US$6.5 billion) in the seven years through 2030 to achieve over 40 trillion won in sales that year. The company announced the investment plans and possible mergers and acquisitions (M and As) for growth at its first CEO Investor Day. The planned investments are sharply higher than the 2 trillion won in the past five years through 2023, with 77 percent allocated to logistics, shipping and distribution businesses, and 23 percent budgeted for M and As depending on strategic demands, the company said in a statement. This year, Hyundai Glovis expected an operating profit of 1.6 trillion to 1.7 trillion won on sales of 26 trillion to 27 trillion won. The targeted operating profit and sales are up from 1.55 trillion won and 25.68 trillion won, respectively, last year. Source: Yonhap News Agency
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