- 4 September 2015
- Transport / Logistics Services
The logistics arm of CJ Group, CJ Korea Express, has been announced as a preferred bidder for the China logistics company Rokin for USD $420 million. CJ Korea Express is South Korea’s largest cargo delivery company and this acquisition is planned to significantly boost the company’s reach and revenues.
Of ten companies that made an approach to buy Rokin, CJ Korea is one of three companies selected as a potential bidder. In a regulatory filing, CJ Korea Express announced “We are in the final stage of negotiations to take over Chinese logistics firm Rokin and details will be announced immediately when the decision is made.”
This fulfils the company’s business plan for aggressive expansion in the next five years through international acquisitions. The CEO Yang Seung-suk suggested that the business plans on increasing its sales from USD $4.19bn to USD $20.9bn by 2020. It currently delivers 20 million packages a day to over 100 countries around the world.