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| CJ Logistics taps into India, UAE via takeover | Writer | Admin | |||
|---|---|---|---|---|---|
CJ Logistics Corp., a unit of South Korean
food and entertainment conglomerate CJ Group, said Wednesday it has acquired
two logistics companies based in India and the United Arab Emirates (UAE) as
part of efforts to tap deeper into overseas markets.
The Korean company has signed a deal to buy
a 50-percent stake in Indian firm Darcl Logistics for 57.1 billion won (US$50.5
million), it said in a regulatory filing.
In a separate report, the company said it
will buy a controlling stake in Ibrakom Fzco, another logistics company based
in the UAE, for 77.3 billion won.
Darcl Logistics is the top logistics and
distribution company in India, with last year's sales reaching 320 billion won
with a workforce of 3,400. Ibrakom is also one of the top players in the Middle
East and Central Asia that specializes in the transportation of heavy cargo.
Through the takeovers, CJ Logistics said it
has gained an upper hand in the two regions where there has been growing demand
for various plant and construction projects.
"We're putting our efforts to become one of the top five logistics firms in the world via strategic takeovers and partnerships. We will gear up for big mergers & acquisition (M&A) deals in the U.S. and Europe," Park Geun-tae, the president of CJ Logistics said.
http://english.yonhapnews.co.kr/business/2017/04/26/0501000000AEN20170426012351320.html |
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