Korea Express
Collaborates with Daewoo E&C

The two sister companies of Kumho-Asiana sign a pact for the joint undertaking of four projects worth 313 bln won

Korea Express and Daewoo E&C have agreed to collaborate on four projects worth 313 billion won by next year.
Korea Express President Lee Kook-dong and Daewoo E&C President Seo Jong-wook signed a pact on the joint execution of projects between the two companies at the Daewoo E&C headquarters in downtown Seoul on August 5.
The agreement calls for Daewoo E&C to take charge of the construction aspect of projects Korea Express lands. The projects Korea Express and Daewoo E&C have so far agreed to jointly carry out include a 217.9 billion won private investment project to expand the Gunpo Integrated Truck Terminal and a 37 billion won project to build a hub terminal in Daejeon.
In addition, Korea Express and Daewoo E&C plan to jointly undertake a Libyan turn-key-basis grand waterway and agricultural waterway project worth $300 million together with Al Nahr Company (ANC), a joint venture giving Korea Express and Daewoo E&C each a 20-percent interest together with the River Project Office of Libya. Named the "Great Man-made River (GMR),"it is Libya's nationwide construction project under the flag of the "green revolution."The first phase of construction was completed by the Dong Ah Consortium (formed by Korea Express and Dong Ah Construction Industrial), and the second phase of construction is currently ongoing. The third phase of construction has also been awarded to the Dong Ah Consortium and ANC.
The collaboration between Korea Express and Daewoo E&C is the first of its kind since the two companies were acquired by Kumho-Asiana Group.
Korea Express's mid- and long-term plan calls for evolving into a world-class integrated logistics corporation by investing a total of 1.8 trillion won over four years from 2008 in the delivery sector as well as ground, maritime and port businesses. nw

Korea Express CEO Lee Kook-dong and Daewoo E&C President Seo Jong-wook hold a pact on the joint execution of projects between the two companies.