Sumitomo & Sagawa to form cargo company
Sumitomo Corp. and Sagawa Express Co. said Friday they will form a joint venture with a major Chinese trucking firm in July to launch cargo delivery services in Shanghai and surrounding areas.
The joint venture will be China’s first door-to-door parcel delivery company, Sumitomo and Sagawa said.
To be capitalized at 35 million yuan, or about 560 million yen, the joint venture will be 51.0% owned by Shanghai Dazhong Transportation, 24.5% by the Japanese delivery firm and 20.0% by the major Japanese trading house, the two firms said.
The new company will start delivery services for retailers in August and expand its service areas nationwide in China and add door-to-door parcel delivery services in the future, they said.
