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"Pantos & Philips Sign LOI"
Pantos Logistics Will Act as Forwarder for Philips
- Estimated Volume of Cargo Handled: 2,000 TEU a Year-
Philips Korea (CEO: Kim Tae-yeong) and Pantos Logistics (CEO: Yeo Sung-koo), the country’s largest logistics business, signed a letter of intent (LOI) concerning PANTOS’ acting as a forwarder for Philips Korea at the Seoul Grand Hyatt Hotel on August 31.
Under the LOI, PANTOS will handle the overall logistics operation concerning household appliances and lighting fixtures sold in Korea, starting from January 2010. It is expected that the volume of cargoes handled will amount to approximately 2,000 TEUs per year. The scope of the work to be handled by PANTOS will include storage, value added logistics such as (re)packing and labeling, as well as transportation and delivery.
PANTOS plans to enhance storage efficiency and cut inventory costs drastically, while providing the customer with real-time logistics information on inventories and the current location of cargoes via the Global Single Window, a visibility system developed by PANTOS, Warehouse Management System (WMS) and Transportation Management System(TMS).
Commenting on the LOI, Mr. Yeo Sung-koo said, “This LOI will serve as an opportunity to have the good quality of our logistics service recognized both in and out of the country. We will continue doing what we can to develop the advantages we have, such as the supply chain visibility system and value added logistics.
The LOI-signing ceremony was attended by CEO Kim Tae-yeong and Vice President Kim Yeong-jin of Philips Korea, and CEO Yeo Sung-koo and Vice President Koo Jeong-mo of Pantos Logistics. Before the signing of the LOI, a report on the development of the LOI was made and the CEOs of the two companies each gave a short speech.
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Philips Korea's CEO Kim Tae-yeong(left) and Pantos Logistics' CEO Yeo Sung-koo(right) pose for a photograph at the Seoul Grand Hyatt Hotel on August 31 after signing the LOI.