[THE INVESTOR] CJ Korea Express
will set up a 50:50 joint venture with Chinese appliance giant TCL, the logistics unit of CJ Group said Aug. 3.
The Korean firm will invest 486 million yuan (US$73 million) to acquire 50 percent stake in TCL’s logistics affiliate Speedex that handles transport of the company’s home appliances and smartphones.
CJ Korea Express’ distribution center
The acquisition process will be finalized by Aug. 31 and the new entity will be named as CJ Speedex.
CJ Korea Express, the 17th largest logistics company globally, is pinning high hopes on the recent partnership to help expand its presence in the all-important Chinese market.
Currently, the company operates 21 branches in China alone.
“With the new partnership, we have moved one step closer to our vision of becoming the world’s top five logistics company by 2020,” said Park Geun-tae, CJ Korea Express president.
By Lee Ji-yoon (email@example.com