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Tesco to invest $100 mln in Korea logistics center

Tue May 6, 2008 5:00pm EDT

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SEOUL, May 7 (Reuters) - British retailer Tesco Plc (TSCO.L) will invest $100 million to set up a logistics centre in South Korea, the country's economy ministry said on Wednesday.

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The logistics centre, to be located in Ansung in central Korea, is expected to open in December 2010, the Ministry of Knowledge Economy said in a statement.

The investment includes $50 million in construction costs, it added.

Tesco, the world's third-biggest food retailer, has international operations spanning 12 countries from China to the United States. In South Korea, Tesco has a 94 percent-owned unit Samsung Tesco which runs discount stores. (Reporting by Rhee So-eui; Editing by Keiron Henderson)

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