- 9 April 2019
- Transport / Logistics Services
Spanish postal operator Correos Group has made its first international investment – an €11 million acquisition of a 51% stake in the Portuguese Group Rangel Expresso. Correos Express has now established the new brand, Correos Express Portugal.
Under the terms of the deal, Correos is to be able to provide an integrated shipping service to customers and businesses across the Iberian peninsula within 24 hours.
The Correos Express Portugal company has around 12 facilities across the country, employing close to 160 people. It will add to the 55 facilities at Correos Express in Spain.
The overall plan is to tap into the Portuguese e-commerce market. In the next five years the Group plans to deliver around 35 million parcels and achieve sales growth of 150%.