| Native name | 씨제이대한통운 주식회사 |
|---|---|
| Formerly | Korea Express CJ Korea Express |
| Company type | Subsidiary |
| Traded as | KRX: 000120 |
| Industry | Courier |
| Founded | 1930; 94 years ago (1930) |
| Headquarters | Seoul, South Korea |
| Key people | Kang Sin-ho (CEO) |
| Parent | CJ Group |
| Website | www.cjlogistics.com |
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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.
History
Korea Express
Korea Express was established as Chosun Rice Warehousing in 1930. 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.
In 2008, a consortium led by Kumho Asiana Group was selected as the preferred bidder to buy Korea Express. 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.
CJ Logistics
However, Kumho Asiana had to sell Korea Express as it faced a severe cash shortage during the financial crisis in 2008. After competing with the Samsung SDS-POSCO consortium, CJ Group acquired a 40 percent stake in Korea Express for 1.91 trillion won. CJ changed the company name to CJ Korea Express and merged with its existing logistics affiliate CJ GLS. In 2017, the company was rebranded as CJ Logistics from CJ Korea Express.
References
- ^ 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:
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