Deal is worth $2.4m
Dubai-headquartered Aramex has acquired 25 per cent stake in WS One General Trading (WS1), a UAE parcel consolidation firm operating out of Ohio, United States.
The deal is valued at AED9m ($2.4m).
WS1 consolidates and ships packages to over 20 countries from its central warehouse in Ohio. It maintains low ownership of warehouse and transportation assets and works with global courier partners, a strategy that is understood to help reduce customer delivery costs.
Forty per cent of WS1 customers are currently using Aramex, a company statement said.
The deal, added the statement, will strengthen Aramexs e-commerce business and support its mission of facilitating enhanced cross-border trade. It complements our existing international shipping service and presents opportunities for us to further expand our e-commerce proposition, Hussein Hachem, Aramex chief executive, said in a statement.
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