CJ Logistics Corporation (Korean: 씨제이대한통운 주식회사; Hanja: CJ大韓通運 株式會社; RR: CJ Daehan Tongun Jusik Hoesa) is a logistics company headquartered in Seoul, South Korea. It is the oldest and largest parcel delivery firm in South Korea.[1]
History
Korea Express
Korea Express was established as Chosun Rice Warehousing in 1930.[1] It became a subsidiary of Dong-ah Group in 1968, but the creditors sold Korea Express when Dong-ah entered a government-sponsored debt workout program in 2003.[2]
In 2008, a consortium led by Kumho Asiana Group was selected as the preferred bidder to buy Korea Express.[3] Kumho Asiana, a South Korean conglomerate that operates Asiana Airlines, acquired Korea Express for 4.1 trillion won (US$ 4.34 billion) to expand its cargo business into the inland transportation business.[4]
CJ Logistics
However, Kumho Asiana had to sell Korea Express as it faced a severe cash shortage during the financial crisis in 2008.[5] After competing with the Samsung SDS-POSCO consortium, CJ Group acquired a 40 percent stake in Korea Express for 1.91 trillion won.[6][7] CJ changed the company name to CJ Korea Express and merged with its existing logistics affiliate CJ GLS.[8] In 2017, the company was rebranded as CJ Logistics from CJ Korea Express.[9]
References
- ^ a b Hong, Sung-yong; Lee, Ha-yeon (November 15, 2021). "CJ Logistics to spend $2.1 bn to expand warehouse by 8 times, add high tech". Maeil Business Newspaper.
- ^ Lim, Bong-soo (January 4, 2003). "Korea Express Co. on Sale for 700 Billion Won". Korea JoongAng Daily.
- ^ Shu-Ching Jean, Chen (January 17, 2008). "Kumho-Asiana Wins Auction For Bust Korea Express". Forbes.
- ^ "Kumho-Asiana signs formal deal to acquire Korea Express". Hankyoreh. Seoul. March 3, 2008.
- ^ Nam, Kwang-sik (July 31, 2008). "(News Focus) Kumho Asiana to sell assets worth 4.57 tln won". Yonhap.
- ^ Kim, Ji-hyun (June 28, 2011). "CJ picked preferred bidder for Korea Express". Korea Herald.
- ^ "CJ to acquire 40 pct stake in Korea Express for $1.7 bln". Reuters. Seoul. November 18, 2011.
- ^ "CJ Korea Express unveils 5 tln won investment plan". Yonhap News Agency. Seoul. March 31, 2013.
- ^ Choi, Kyong-ae (October 31, 2019). "CJ Logistics eyes more acquisitions for growth". Yonhap News Agency. Seoul.
External links
- Official website
- Business data for CJ Logistics:
This page was last edited on 29 March 2024, at 19:21