Hyundai Glovis announced that it has signed an agreement to take over Adampol SA, a Polish finished vehicle logistics company. Hyundai Glovis estimated the value of the Adampol at €70m before the purchase.
Adampol was established in 1990 in Poland with its head office in Bialystok. The company operates road transport operations for vehicles across Europe, with branch offices in the UK, Belgium, Russia, and Italy.
According to Hyundai Glovis, Adampol has recorded an average annual growth rate of 15% for the three years since 2011. During 2013, it transported 400,000 cars for BMW, GM, Toyota, and Volkswagen, with more than €100m of sales and a 10% operating profit ratio.
Following the acquisition of Adampol, Hyundai Glovis states that it will actively pursue business opportunities in Europe. At the time of the acquisition the company operated 10 logistics locations across Europe including Germany, Slovakia, the Czech Republic, and Russia.
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