Marubeni expands into cold chain service in China, eyeing growing demand [Reuters]
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Source: Reuters
Marubeni expands into cold chain service in China, eyeing growing demand - Reuters 3 Min Read BEIJING, June 25 (Reuters) - Japanese trading company Marubeni said on Tuesday it had set up a joint venture with Chinese logistics startup G7 to lease refrigerated trailers to Chinese customers seeking to meet fast-growing demand for fresh food. The new business, with registration capital of 170 million yuan ($24.71 million), is aiming to lease 5,000 trailers in three to five years, Thomas Wong, president of international business at G7 told reporters at a briefing. “The space for growth in demand and development [of cold chain logistics] is huge,” Jun Hirasawa, chairman and chief executive of Marubeni (China) Co. Ltd, told the briefing. Marubeni already owns a unit in the United States called PLM that operates cold chain trailers. Use of cold chain transport in China is between 20% and 40%, said Hirasawa, compared to as high as 98% in the United States, Japan and Europe. But demand is risin
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