LogisValley Partners with Lotte E&C to Develop Logistics Center in Hungary

LogisValley Hanaro stated that it signed a memorandum of understanding (MOU) with Lotte E&C Co., Ltd. for the development of logistics infrastructure in Tatabánya near Budapest, the capital of Hungary. Key executives from LogisValley and Lotte E&C, as well as local officials, attended the signing ceremony held in the main conference room of the Economic Development Headquarters in Tatabánya, Hungary.ary.

LogisValley Hanaro stated that it signed a memorandum of understanding (MOU) with Lotte E&C Co., Ltd. for the development of logistics infrastructure in Tatabánya near Budapest, the capital of Hungary. Key executives from LogisValley and Lotte E&C, as well as local officials, attended the signing ceremony held in the main conference room of the Economic Development Headquarters in Tatabánya, Hungary.

The logistics center to be developed in Hungary by both companies through this MOU spans approximately 85,000 m² (approx. 25,000 py), boasting the largest scale in Hungary for a single logistics warehouse, with plans to equip facilities capable of storing finished EV batteries and raw materials. After completion at the end of 2023, it is expected to serve as a logistics outpost in Europe executing all logistics sectors of Hanaro TNS, including international logistics, transportation, warehousing, customs clearance, and express delivery.

Above all, Hungary possesses geographical advantages for the logistics industry as it is adjacent to Slovakia and Poland to the north, Austria to the west, and Romania to the southeast. Recently, production lines in core new business sectors such as secondary batteries, batteries, and bio have been continuously expanded, leading to an explosive increase in logistics demand. Among them, the Tatabánya Industrial Complex, where LogisValley Hanaro's logistics center will be located, houses numerous global companies including Lotte Chemical, Lotte Aluminium, and SK Innovation, and its location is approximately 50 km northwest of Budapest, providing good accessibility.

A LogisValley official said, "Starting with this agreement, both companies, which have been continuously cooperating for global market expansion, plan to expand overseas logistics center development to various regions such as Europe as well as Vietnam, a representative logistics market with high potential."

A Lotte E&C official also stated, "As the global logistics market expands rapidly, we plan to pursue logistics development projects as a medium- to long-term business," adding, "Directly proceeding with a 24,000 py complex logistics center in Long An Province near Ho Chi Minh City, Vietnam last August is also part of this movement." He added, "We will continue to promote various development investment projects to reborn as a comprehensive developer company."

Meanwhile, LogisValley is developing and operating domestic logistics centers reaching approximately 1,000,000 py and 5 Vietnam logistics centers totaling approximately 60,000 py, and plans to develop an additional logistics center near Ho Chi Minh City, Vietnam. Furthermore, it is also pursuing base expansion in Southeast Asia including Vietnam, as well as additional expansion into Europe and the United States.