Changiju for Eurasian investments
Bejing-located Changjiu Logistics, an automotive logistics service provider, has bought 30% of the shares of the Polish company Adampol. The purchase price was EUR 18.3 million.
Adampol, founded in 1990, is a 70% affiliate of Hyundai Glovis, a logistics unit of the South Korean Hyundai Motor Group. The companies expect the deal to create synergies in the transport of vehicles, electronics and chemical goods and other cargos.
Hyundai Glovis and Changjiu Logistics aim to expand their logistics network in Eurasia by further augmenting their services to Western Europe and Northern Europe from Xi’an and Chongqing in China through Poland.
Changjiu Logistics transports around 10,000 vehicles by express rail service between China and Europe every year. (sh)