Hanjin Corp. acquires Shinsegae's parcel-delivery unit

(ATTN: UPDATES with acquisition, executive's remark; AMENDS headline; TRIMS) SEOUL, Sept. 17 (Yonhap) -- Hanjin Corp., the logistics unit of Hanjin Group, said Wednesday it has purchased the parcel-delivery unit of Shinsegae, in a deal totaling 30 billion won (US$26.7 million).

The acquisition of Shinsegae Dream Express will give Hanjin an edge over its two
bigger rivals, Korea Express Co. and Hyundai Logistics Co, company officials
said.
With the acquisition, Hanjin can "secure orders from Shinsegae's retail units and
add a key capability to expand into international parcel-delivery services," said
Hanjin Corp. Chief Executive Officer Seok Tae-soo, in a statement.
Hanjin Group is one of the nation's largest family-run business conglomerates,
with Korean Air Lines Co. under its wing. Shinsegae is the nation's biggest
retail conglomerate.
Last year, Shinsegae Dream Express posted a net loss of 3.3 billion won on sales
of 96.7 billion won.