Through its subsidiary Correos Express, the Correos Group has acquired 51% stake in the Portuguese Group Rangel Expresso and has thus established Correos Express Portugal. The acquisition was worth €11m and represents the first international expansion of the company.
The acquisition will enable Correos to provide integrated express shipping service to customers and enterprises in the Iberian Peninsula within a period of 24 hours.
Correos Express Portugal has about 12 facilities and will employ about 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 35m of parcels, with Spain as the starting point and the final destination, and expects sales growth of 150% or €60m. Correos Express Portugal is planning to automate its facilities by using artificial intelligence platforms and automated sorting machines.
Source: Correos
