Major General James G. Blunt

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CJ Logistics truck

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

  1. ^ 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.
  2. ^ Lim, Bong-soo (January 4, 2003). "Korea Express Co. on Sale for 700 Billion Won". Korea JoongAng Daily.
  3. ^ Shu-Ching Jean, Chen (January 17, 2008). "Kumho-Asiana Wins Auction For Bust Korea Express". Forbes.
  4. ^ "Kumho-Asiana signs formal deal to acquire Korea Express". Hankyoreh. Seoul. March 3, 2008.
  5. ^ Nam, Kwang-sik (July 31, 2008). "(News Focus) Kumho Asiana to sell assets worth 4.57 tln won". Yonhap.
  6. ^ Kim, Ji-hyun (June 28, 2011). "CJ picked preferred bidder for Korea Express". Korea Herald.
  7. ^ "CJ to acquire 40 pct stake in Korea Express for $1.7 bln". Reuters. Seoul. November 18, 2011.
  8. ^ "CJ Korea Express unveils 5 tln won investment plan". Yonhap News Agency. Seoul. March 31, 2013.
  9. ^ Choi, Kyong-ae (October 31, 2019). "CJ Logistics eyes more acquisitions for growth". Yonhap News Agency. Seoul.

External links

source: https://en.wikipedia.org/wiki/CJ_Logistics