UPS and Samsung Sign MOU; Joint Task Force Created to Redesign Transportation and Logistics Network.Business Editors
SEOUL, South Korea--(BUSINESS WIRE)--Nov. 16, 2000
United Parcel Service United Parcel Service, Inc. (NYSE: UPS), commonly referred to as UPS, is the world's largest package delivery company, delivering more than 15 million packages a day to 6.1 million customers in over 200 countries and territories around the world. (UPS), announced it is signing a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ) with Samsung Electro-Mechanics This article or section is written like an .
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SEMCO Samsung Electro-Mechanics Co., Ltd.
SEMCO Systems Engineering and Management Company
SEMCO Salisbury Engineering Manufacturing Company (Missouri) ), a division of Samsung, to create a task force to streamline SEMCO's international transportation and global supply chain.
"By outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. its global supply chain management to UPS, we believe SEMCO can streamline its operations, increase its speed to market and, as a result, significantly lower costs and improve customer service," said Ron Wallace, president of UPS International at the MOU signing ceremony A signing ceremony is a ceremony in which a bill passed by a legislature is signed (approved) by an executive, thus becoming a law.
Modern-day signing ceremonies are derived from ceremonies that occurred when the British monarch gave Royal Assent to acts of Parliament. . "This agreement strengthens the relationship between Samsung's global business and the worldwide network of UPS."
The UPS/SEMCO task force will review SEMCO's international transportation needs, its global supply chain management and look at outsourcing opportunities for UPS. When the task force has completed its six-month review, it will present its findings to SEMCO management. UPS personnel on the task force will represent logistics, transportation, brokerage and finance. SEMCO currently manages its supply chain in-house.
"UPS was chosen after extensive competitive research including visits to UPS and its competitors' operations," said Hyung-Do Lee, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Samsung Electro-Mechanics Co., Ltd. "UPS's global expertise and leading-edge technology more than meets our requirements for an efficient, cost-effective logistics provider. Our decision to outsource the management of SEMCO's global supply chain is a first for the company. We believe that superior logistics and supply chain management is a key to being competitive in today's economy."
UPS presently has a relationship with SEMCO and its parent company Samsung, handling SEMCO's express transportation from Korea to the rest of the world. Samsung is also a client of the UPS Logistics Group in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. .
UPS, headquartered in Atlanta, Georgia, is the world's largest express carrier and package delivery company, serving more than 200 countries and territories worldwide. In 1999, the company reported annual revenues of US$27.1 billion on an average volume of 13.5 million packages and documents per day. In 2000, UPS was chosen for the third consecutive year as "The World's Most Admired Company in the Mail, Package and Freight Industry" in a Fortune magazine survey. For more information, visit UPS on the Web at www.ups.com.
About the UPS Logistics Group
The UPS Logistics Group, a subsidiary of United Parcel Service, Inc., provides global supply chain services. Its key offerings are supply chain management, transportation services, logistics technologies and service parts logistics. More information is available at www.upslogistics.com.
About Samsung Electro-Mechanics
Founded in 1973, Samsung Electro-Mechanics Co., Ltd. has emerged as a superior producer of electronic parts and computer components. As a member company of the Samsung group The Samsung Group is South Korea's largest conglomerate (chaebol), composed of numerous businesses, including Samsung Electronics, the world's largest electronics company , Korea's largest business conglomerate, SEMCO maintains three manufacturing facilities across Korea and eight international plants in China, Thailand, Indonesia, the Philippines, Mexico, Portugal and Hungary. SEMCO manufactures, markets and distributes over 50 parts and components used in a variety of telecommunications and audio-video devices, computers and computer peripherals. For more information visit www.sem.samsung.co.kr.
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