DHL has confirmed yesterday’s news item that its parent company, Deutsche Post World Net (DPWN), will purchase the remaining 50% of the Sinotrans-Exel JV in China.
The new wholly owned foreign entity (WOFE) will facilitate the continued integration of the heritage Exel and DHL business units under the DHL Logistics brand in China.
“DHL and Sinotrans have had, and continue to have, an ongoing and mutually beneficial relationship in the logistics and express industry in China,” said DHL Global Forwarding’s Asia-Pacific CEO, Peter Landsiedel.
“Sinotrans’ agreement to sell its 50% stake in the Sinotrans-Exel JV is strategically relevant to each organisation, and is a move that suits both groups’ long-term objectives and approach towards developing and maintaining a market leadership position in China’s booming logistics industry.”
The purchase of the remaining stake from Sinotrans is another milestone in DPWN’s commitment to invest in and expand the group’s presence and capabilities in China.
Just last month, DHL announced a US$175 million investment for its new Shanghai-based North Asia Hub, bringing the company’s total recent investment in the region to just over US$2.2 billion.
Victor Mok, DHL Global Forwarding’s senior vice president for Greater China, emphasised that Sinotrans and DHL Logistics remain strong business partners, and future collaborative efforts will be in line with both groups’ China expansion plans.”
The new wholly owned foreign entity (WOFE) will facilitate the continued integration of the heritage Exel and DHL business units under the DHL Logistics brand in China.
“DHL and Sinotrans have had, and continue to have, an ongoing and mutually beneficial relationship in the logistics and express industry in China,” said DHL Global Forwarding’s Asia-Pacific CEO, Peter Landsiedel.
“Sinotrans’ agreement to sell its 50% stake in the Sinotrans-Exel JV is strategically relevant to each organisation, and is a move that suits both groups’ long-term objectives and approach towards developing and maintaining a market leadership position in China’s booming logistics industry.”
The purchase of the remaining stake from Sinotrans is another milestone in DPWN’s commitment to invest in and expand the group’s presence and capabilities in China.
Just last month, DHL announced a US$175 million investment for its new Shanghai-based North Asia Hub, bringing the company’s total recent investment in the region to just over US$2.2 billion.
Victor Mok, DHL Global Forwarding’s senior vice president for Greater China, emphasised that Sinotrans and DHL Logistics remain strong business partners, and future collaborative efforts will be in line with both groups’ China expansion plans.”