TOKYO -- Japanese shipping company Seino Holdings has decided to buy a 70% stake in Mitsubishi Electric's logistics unit for 60 billion yen ($380 million) as a driver shortage exacerbated by new overtime curbs spurs a realignment in the trucking industry.
The electronics equipment group plans to retain a roughly 30% interest in Mitsubishi Electric Logistics after the partial sale to Seino, down from the current 98%. The acquisition would give Seino more drivers, as well as shipping business from Mitsubishi Electric.
