John Menzies PLC - Edinburgh-based aviation services and cargo handling business - Agrees GBP3.4 million investment for a minority stake in Chinese freight firm, Guangzhou JFreight Aviation Logistics Supply Chain Co Ltd. JFreight specialises in applying artificial intelligence and robotics to the cargo industry.
Notes the joint venture allows John Menzies to operate a new cargo terminal at Guangzhou Baiyun International Airport in southern China. The terminal can handle 120,000 tonnes of cargo annually. Plans to focus on handling Chinese e-commerce products initially and expand its cargo range in future. Says the investment represents its expansion into the Chinese cargo industry, a growth market that allows John Menzies to increase its geographical reach.
Current stock price: 339.50 pence, up 0.2% on Monday morning
Year-to-date change: up 29%
By Scarlett Butler; scarlettbutler@alliancenews.com
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