Brief: CTT And Zongteng Group Establish Partnership To Manage Parcel Locker Network In Portugal And Spain

CTT - Correios de Portugal SA

07/12/2021 06:19

Dec 7 (Reuters) - CTT Correios de Portugal SA  CTT.LS :
    * SAID ON MONDAY, SIGNED A PARTNERSHIP AGREEMENT WITH
YUNEXPRESS,
THE LOGISTICS BUSINESS UNIT OF CHINA'S ZONGTENG GROUP, TO CREATE
A JOINT VENTURE THAT AIMS TO MANAGE THE BUSINESS OF A LOCKER
NETWORK FOR PARCEL PICK-UP IN PORTUGAL AND SPAIN 
    * CTT WILL HAVE A MAJORITY STAKE OF 66% IN THE NEW COMPANY
WHILE
YUNEXPRESS'S STAKE WILL BE 34%
    * BUSINESS WILL REPRESENT A JOINT INVESTMENT OF AROUND 8
MILLION
EUROS OVER A 3-YEAR PERIOD
    * PARTNERSHIP AIMS TO DEVELOP CTT'S LEADING NETWORK OF
LOCKERS FOR
E-COMMERCE IN PORTUGAL, WHICH WILL BE OPEN TO ANY CARRIERS
    * CTT PLANS TO INSTALL 1,000 LOCKERS BY THE END OF 2022

    
    
 Source text: https://bit.ly/31wYjnq
 Further company coverage:  CTT.LS  

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