CJ Korea Express acquires Malaysia’s Century LogisticsIn a move to tackle the Southeast Asian market, CJ Korea Express Corp. (CJ Korex), the logistics arm of CJ Group, acquired shares of Malaysia-based Century Logistics, according to the company on Thursday.
CJ Korex paid 47.1 billion won ($43 million) to buy out 31.4 percent shares of the Malaysian company. The combination of CJ’s existing logistics corporation in Malaysia and the new acquisition makes them the top player by revenue in Malaysia.
Century Logistics was founded in 1970 and has since become the second biggest logistics company in Malaysia. It made roughly 86.6 billion won in revenue last year. As the company already has a well-established network all over Malaysia, the acquisition would give the nation’s No.1 logistics company a chance to expand its supply network. Century Logistics also is capable of transporting to neighboring countries, including Singapore and Thailand.
CJ Korex currently has operations in 23 countries and is aggressively expanding its networks globally in search for new cash cows in its quest to become among the top five logistics company worldwide by 2020.