April 20, 2024
Deals
CJ Logistics completes acquisition of US firm
[THE INVESTOR] CJ Logistics said on Aug. 27 it completed the acquisition of a US company last week in its latest drive to expand its presence in the North American market.
The Korean firm signed the deal to purchase a 90 percent stake in DSC Logistics in June for 231.4 billion won (US$207.60 million).
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Founded in Illinois in 1960, the US company specializes in delivering consumer packaged goods and food products with over 50 logistics centers throughout the country. Its sales came to 578.4 billion won last year, according to CJ Logistics.
The logistics arm of Korea’s food and entertainment conglomerate CJ has been accelerating its overseas expansion since 2013, carrying out active mergers and acquisitions in China and Southeast Asia, including Malaysia, Indonesia and Vietnam.
The latest deal marks its first acquisition in the Americas. CJ Logistics operates 15 logistics centers in the United States, Canada, Mexico and Brazil.
By Song Seung-hyun and newswires (ssh@heraldcorp.com)
