Samsung SDS has agreed to acquire South Korean air cargo consolidator Woojung Air Consolidation, seeking to strengthen its freight forwarding operations through Incheon Airport.
The IT services and logistics company signed a share purchase agreement Monday to acquire a 100 percent stake in Woojung Air, with the transaction expected to close by year-end, according to industry sources.
Founded in 1999, Woojung Air specializes in consolidating smaller shipments into larger loads and securing cargo space through contracts with domestic and international airlines. It also operates iNomad, a digital air freight platform, and a logistics center near Incheon Airport that handles cargo security screening and loading preparations outside airport terminals.
The acquisition is expected to bolster Samsung SDS' ability to consolidate cargo from Korea and other Asian markets through Incheon, improving its use of airline cargo capacity and strengthening the airport's role as a regional logistics hub.
Samsung SDS provides international air and ocean freight forwarding, warehousing and inland transportation through its digital logistics platform Cello Square.
The company is expected to integrate Cello Square with Woojung Air's iNomad platform to streamline air freight operations and expand data-driven automation. Woojung Air's cargo screening facilities could also shorten handling times and reduce costs.
The deal builds on an existing partnership between the two companies. In 2022, Samsung SDS signed an agreement with Woojung Air to integrate its cargo tracking and freight rate data into Cello Square as part of efforts to expand its global air logistics business.
yeeun@heraldcorp.com