Japan Post, Japan Express in parcel-delivery tie-up
Japan Post agreed Friday to merge its parcel delivery operations with those of shipping firm Japan Express in its first business tie-up since the start of postal privatisation.
By Agencies |
TOKYO: Japan Post agreed Friday to merge its parcel delivery operations with those of shipping firm Japan Express in its first business tie-up since the start of postal privatisation.
Japan Post and Japan Express, Japan's largest transportation service company, said in a statement that they plan to set up a joint venture in October next year to combine the operations.
The two companies have yet to decide on their investment ratio for the venture, which will control a combined 19 per cent or the third largest of Japan's parcel-delivery market.
They also plan to consider expanding their business tie-up in the future in order to "build a comprehensive and strategic business relationship."
On Monday, Japan Post began its long privatisation process, splitting into four units to handle deliveries, savings, insurance and counter services under a holding company that remains fully government owned for now.
Together they have some three trillion dollars in savings and life insurance policies, making the group the world's biggest financial institution.
The split is the initial step in a decade-long process that counts as the first major privatisation in Japan since the 1987 breakup of the national railway.
Japan Post and Japan Express, Japan's largest transportation service company, said in a statement that they plan to set up a joint venture in October next year to combine the operations.
The two companies have yet to decide on their investment ratio for the venture, which will control a combined 19 per cent or the third largest of Japan's parcel-delivery market.
They also plan to consider expanding their business tie-up in the future in order to "build a comprehensive and strategic business relationship."
On Monday, Japan Post began its long privatisation process, splitting into four units to handle deliveries, savings, insurance and counter services under a holding company that remains fully government owned for now.
Together they have some three trillion dollars in savings and life insurance policies, making the group the world's biggest financial institution.
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The split is the initial step in a decade-long process that counts as the first major privatisation in Japan since the 1987 breakup of the national railway.
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