Correos invests €11 million in its first international acquisition
The Correos Group, through its subsidiary Correos Express, has acquired a 51% stake in the Portuguese Group Rangel Expresso and has established Correos Express Portugal.
The acquisition was worth €11 million and will enable Correos, headquartered in Spain, to provide integrated express shipping service to customers and enterprises in the Iberian Peninsula within a 24-hour timeframe. It represents the company’s first international expansion.
Correos Express Portugal has approximately 12 facilities and will employ around 160 people. It will act as a subsidiary of Correos Express and its facilities will be added to Correos Express’ existing network of 55 facilities in Spain.
Through the newly formed subsidiary, Correos Express Portugal, Correos plans to tap into Portugal’s e-commerce market. The Correos Group estimates that in the next five years it will deliver around 35 million parcels, with Spain as the starting point and the final destination, and expects sales growth of 150% or €60 million. Correos Express Portugal is planning to automate its facilities by using artificial intelligence platforms and automated sorting machines.
