Korea Express to sell stake in joint venture to UPS

Thu. June 19, 2008; Posted: 12:14 AM

SEOUL, Jun 19, 2008 (Asia Pulse Data Source via COMTEX) -- UPS | Quote | Chart | News | PowerRating -- Korea Express Co., South Korea's largest logistics company, said Wednesday it has signed a contract to sell its 40 percent stake in a joint venture with United Parcel Service Inc. to the U.S.-based company.

The transaction is aimed at cutting its reliance on UPS in international package-delivery services, an official at Korea Express said.

Korea Express, which was acquired by transportation conglomerate Kumho-Asiana Group, launched the joint venture, UPS-Korea Express, in 1996. UPS had owned a 60 percent stake in the venture.

The value of the transaction wasn't disclosed.

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