CJ Logistics responds to reported bid for German logistics company

Lim Chang-won Reporter Posted : 2018-07-30 13:23 Updated : 2018-07-30 13:23
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[Courtesy of CJ Logistics]


SEOUL -- CJ Logistics, an arm of South Korea's CJ Group, is interested in partnership or investment in foreign companies to bolster its global competitiveness, in response to news reports that it is trying to acquire Schnellecke Logistics of Germany. 

"We are looking at partnerships, joint ventures and investment opportunities with overseas logistics companies in order to take a leap forward as a global logistics company and strengthen our business competitiveness," the company said in a regulatory filing on Monday. The German logistics solution provider for the automotive industry has been up for sale.

"There have been no specific decisions made so far," the company said, adding it would make an announcement later when there is a specific decision. It did not mention the name of any foreign company.

CJ Logistics hopes to become a top-tier logistics firm. In April, it forged a strategic alliance with Vietnam's low-cost carrier Vietjet Air to cooperate in air logistics. Two months later, the company announced a deal to acquire DSC Logistics of the United States.

The CJ group has sought aggressive expansion since chairman Lee Jay-hyun came back to his office in May last year after four years of absence. It has subsidiaries specializing in food, food service, pharmaceutics, biotechnology, entertainment, media, home shopping and logistics.