Dubai: Logistics company Aramex said Wednesday it has purchased a 25 per cent stake in a parcel consolidation provider operating in the United States for Dh9 million.
WS1 One General Trading LLC (WS1), the company Aramex has bought into, is UAE-owned and operating in Ohio, USA, according to an Aramex statement posted on the Dubai Financial Market (DFM).
Aramex said the acquisition strengthens its e-commerce business and will support it in cross border trade. It said WS1's "asset light business model" makes it a "strong fit" for its global network.
WS1 is a cross-border service that consolidates and ships packages around the world, the statement said. The company provides customers with WS1 address to purchases online goods with economical delivery options.
Aramex Chief Executive Hussein Hachem said WS1 is an "excellent strategic fit ... with scalable synergies with Aramex's own global infrastructure."
"It complements our existing international shipping service, Shop and Ship, and presents opportunities for us to further expand our e-commerce propositions."
Aramex shares were trading down 0.48 per cent to Dh3.19 in early morning trade on Wesdnesday