CJ Korea Express may bid for US-based freight forwarder Phoenix International
08 Aug 2012
CJ Korea Express, the biggest South Korean logistics firm, yesterday said that it may bid for US-based freight forwarder Phoenix International.
Citing unidentified sources, South Korea's largest news agency Yonhap News yesterday reported that CJ Korea is conducting due diligence on Phoenix International.
"It is true that we are conducting due diligence, but nothing has been decided yet," a company official is reported to have told Yonhap News.
Citing several sources familiar with the matter, Reuters had in June reported that Phoenix International is exploring a sale that could fetch as much as $500 million from global logistics companies.
Founded in 1979 by Bill McInerney, Wood Dale, Illinois-based Phoenix International is the largest privately-owned, full-service international freight forwarder, growing at a rate of 15 to 20 per cent annually.
It has more than 2,000 employees in 74 offices, a global network of more than 300 locations in 125 countries and 2011 revenues of $1 billion.