CJ Logistics is accelerating the development of a state-of-the-art logistics center in the United States.
Korea Ocean Business Corporation recently held an investment review committee meeting and decided to invest US$61 million in the form of preferred shares in a special purpose company (SPC) to develop CJ Logistics’ advanced logistics centers in the United States, according to sources in the investment banking (IB) industry on Oct. 12.
The project is to develop logistics centers in three key locations held by CJ Logistics America (CJLA). CJLA will contribute its logistics real estate to the JV in kind and acquire common shares. Mirae Asset Global Investments will provide investment advisory services, including giving advice on JV operations.
All logistics centers developed by the JV will be designated as overseas logistics centers to be shared by Korean companies, contributing to the implementation of the Yoon Suk-yeol administration’s national tasks for the Korean economy and exports. These logistics centers will handle import and export cargo and e-commerce products of Korean companies to help them enter the North American market.
CJ Logistics plans to develop an optimal logistics service model. It will employ a strategy to connect new logistics centers with its 57 existing centers that it is currently running across the United States and use it as a springboard for the innovation-driven growth of its U.S. business.
In particular, CJ Logistics will continue to fuel a Korean boom in the industrial sector by introducing advanced technologies such as big data and artificial intelligence and maximizing efficiency through autonomous mobile robots, automated forklifts, and smart packaging systems.