In a move to strengthen its local presence in Korea, Panalpina, the global forwarding and logistics group, has acquired the business of International Aero-Sea Forwarders Ltd. (IAF), a Korean airfreight agent. Financial terms were not disclosed.

After 15 years of successful partnership, Panalpina and IAF have decided to maximize their synergies by combining the business activities of the two companies. The transaction will become effective as of July 1, 2004, and Panalpina Korea Ltd (“Panalpina Korea”) will change its company name to Panalpina IAF (Korea) Ltd. (“Panalpina IAF”), reflecting the business acquisition. Current IAF staff totalling around 100 will be employed by Panalpina.

With about 180 employees and 7 offices across Korea, Panalpina IAF will become one of the top five freight forwarding and logistics companies in Korea.

www.panalpina.com

www.iafkukie.co.kr