CJ Logistics
{{Short description|South Korean logistics company}}
{{Infobox company
| name = CJ Logistics Corporation
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| native_name = 씨제이대한통운 주식회사
| native_name_lang = ko
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| former_name = Korea Express
CJ Korea Express
| type = Subsidiary
| traded_as = {{KRX|000120}}
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| industry = Courier
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| founded = {{Start date and age|1930|}}
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| hq_location_city = Seoul
| hq_location_country = South Korea
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| key_people = Kang Sin-ho (CEO)
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| parent = CJ Group
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| website = {{URL|www.cjlogistics.com/en/main|www.cjlogistics.com}}
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File:0299 Korea Express (30021570593).jpg
CJ Logistics Corporation ({{Korean |hangul=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.{{cite news |last1=Hong |first1=Sung-yong |last2=Lee |first2=Ha-yeon |date=November 15, 2021 |title=CJ Logistics to spend $2.1 bn to expand warehouse by 8 times, add high tech |url=https://pulsenews.co.kr/view.php?sc=30800021&year=2021&no=1073332 |work=Maeil Business Newspaper |location= |access-date=}}
History
=Korea Express=
Korea Express was established as Chosun Rice Warehousing in 1930. It became a subsidiary of Dong-ah Group in 1968, but the creditors sold Korea Express when Dong-ah entered a government-sponsored debt workout program in 2003.{{cite news |last=Lim |first=Bong-soo |date=January 4, 2003 |title=Korea Express Co. on Sale for 700 Billion Won |url=https://koreajoongangdaily.joins.com/2003/01/04/economy/Korea-Express-Co-on-Sale-for-700-Billion-Won/1875561.html |work=Korea JoongAng Daily |location= |access-date=}}
In 2008, a consortium led by Kumho Asiana Group was selected as the preferred bidder to buy Korea Express.{{cite news |last=Shu-Ching Jean |first=Chen |date=January 17, 2008 |title=Kumho-Asiana Wins Auction For Bust Korea Express |url=https://www.forbes.com/2008/01/17/korea-express-asiana-markets-equity-cx_jc_0117markets05.html?sh=709863963ced |work=Forbes |location= |access-date=}} Kumho Asiana, a South Korean conglomerate that operated Asiana Airlines, acquired Korea Express for 4.1 trillion won (US$ 4.34 billion) to expand its cargo business into the inland transportation business.{{cite news |author= |date=March 3, 2008 |title=Kumho-Asiana signs formal deal to acquire Korea Express |url=https://www.hani.co.kr/arti/english_edition/e_business/273320.html |work=Hankyoreh |location=Seoul |access-date=}}
=CJ Logistics=
However, Kumho Asiana had to sell Korea Express as it faced a severe cash shortage during the 2008 financial crisis.{{cite news |last=Nam |first=Kwang-sik |date=July 31, 2008 |title=(News Focus) Kumho Asiana to sell assets worth 4.57 tln won |url=https://en.yna.co.kr/view/AEN20080731008400320 |work=Yonhap |location= |access-date=}} After competing with the Samsung SDS-POSCO consortium, CJ Group acquired a 40 percent stake in Korea Express for 1.91 trillion won.{{cite news |last=Kim |first=Ji-hyun |date=June 28, 2011 |title=CJ picked preferred bidder for Korea Express |url=https://www.koreaherald.com/view.php?ud=20110628000927 |work=Korea Herald |location= |access-date=}}{{cite news |author= |date=November 18, 2011 |title=CJ to acquire 40 pct stake in Korea Express for $1.7 bln |url=https://www.reuters.com/article/idUSL3E7MI01620111118 |work=Reuters |location=Seoul |access-date=}} CJ changed the company name to CJ Korea Express and merged with its existing logistics affiliate CJ GLS.{{cite news |author= |date=March 31, 2013 |title=CJ Korea Express unveils 5 tln won investment plan |url=https://en.yna.co.kr/view/AEN20130331001800320 |work=Yonhap News Agency |location=Seoul |access-date=}} In 2017, the company was rebranded as CJ Logistics from CJ Korea Express.{{cite news |last=Choi |first=Kyong-ae |date=October 31, 2019 |title=CJ Logistics eyes more acquisitions for growth |url=https://en.yna.co.kr/view/AEN20191031004600320 |work=Yonhap News Agency |location=Seoul |access-date=}}
References
{{reflist}}
External links
{{Portal|Companies|South Korea}}
- {{Official website|https://www.cjlogistics.com/en/main}}
{{Finance links
|name= CJ Logistics
|google= 000120:KRX
|yahoo= 000120.KS
|bloomberg= 000120:KS
|reuters= 000120.KS
}}
{{CJ Group}}
{{KOSPI 200}}
Category:CJ Group subsidiaries
Category:Companies listed on the Korea Exchange
Category:Companies in the KOSPI 200
Category:1930 establishments in Korea
Category:Transport companies established in 1930