Korea Express, the country’s top logistics company, announced today that it had signed a deal tohand its 40 % stake in a local joint venture to United Parcel Service Inc. for an undisclosed sum.
The transaction is aimed at cutting its reliance on UPS in international package deliveryservices, an official at Korea Express said.
Korea Express, which was recently acquired by transportation conglomerate Kumho-Asiana Group,launched the joint venture, UPS-Korea Express, in 1996. UPS had owned a 60% stake in the venture.
Korea Express became the country’s top delivery firm last year with sales of 293 billion won(€187 million) and delivered 132 million packages overtaking its competitor Hyundai Logistics withsales of 286 billion won (€183 million) and 120 million deliveries.
