CJ Logistics announced June 28 that it had agreed to a strategic partnership with the Korea Ocean Business Corporation (KOBC) to invest approximately $457 million to construct large-scale logistics centers across the United States. Upon completion, the logistics centers will primarily focus on handling the imports and exports of cargo from global and South Korean companies.

The venture, dubbed the North American Project, will see logistics centers built on three CJ Logistics America-owned sites located in Chicago, Illinois and New Jersey totaling more than 3.8 million square feet of space. CJ Logistics said it expects the project to create at least 500 permanent jobs.

KOBC will be in charge of securing funding for the centers while CJ Logistics will be responsible for operating the facilities.

The investment commitment agreement between the two entities will reportedly be signed during the third quarter of 2023 with construction scheduled to begin during the first quarter of 2024. Phased completion of the logistics centers will take place from the first half of 2026 to 2027.

"We are committed to supporting our North America customer base, South Korean companies and e-commerce sellers as they enter the U.S. market,” said Sin-ho Kang, CEO of CJ Logistics. “By utilizing our cutting-edge logistics infrastructure and operational capabilities, we aim to increase customer value, serve as a strategic partner to our customers who can benefit from global and multimodal solutions, and expand the 'K-Wave' into the business sector."