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Friday, 08/04/2022, 22:25 (GMT +7)
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CMA CGM acquires nearly 100% of Russian-owned logistics company GEFCO
CMA CGM has acquired almost 100% of GEFCO, an automotive logistics company whose future became uncertain after Russia's attack on Ukraine.
CMA CGM acquires nearly 100% of Russian-owned logistics company GEFCO (Photo: Phaata.com)
CMA Group CGM has acquired almost 100% of GEFCO, an automotive logistics company whose future has become uncertain after Russia's attack on Ukraine.
France-headquartered GEFCO is controlled 75% by Russia's state-owned company - Russian Railways - an entity that was quickly sanctioned five weeks ago as war raged in Eastern Europe. Founded in 1949 as Les Groupages Express de Franche-Comté (GEFCO), Russian Railways became a major shareholder 10 years ago.
GEFCO is currently Europe's number one company in the field of finished vehicle logistics and describes itself on its website as a top 10 out of 10 global partners for multimodal supply chain solutions. The company has a network spanning 47 countries and employs about 11,500 people around the world - with more than 2,500 of them in France.
The acquisition announced April 8, which is believed to be worth around $488 million, has been submitted to the competition regulator for approval. However, as part of a special procedure, the European Commission has allowed CMA CGM to acquire GEFCO's capital immediately, pending final approval which will take place in the coming months.
“The acquisition will strengthen the range of logistics services that CEVA Logistics, CMA CGM’s logistics subsidiary, provides to its customers, especially in France and the rest of Europe,” in a diversified and quickly, CMA CGM stated in the statement.
The Marseille-based shipping line posted a record profit of $18 billion in 2021. Before that, in May 2020, CMA CGM had a state loan, related to the initial crisis of the company. during the Covid-19 pandemic, with the Macron administration supporting a loan of 1.05 billion euros ($1.14 billion) from BNP Paribas, HSBC France and Société Générale.
Saadé, President and CEO of CMA CGM, commented: “The acquisition of GEFCO represents a further step in our development strategy and strengthens our position as a global player in transport and logistics. With GEFCO, our subsidiary CEVA will become the world leader in automotive logistics, having recently enhanced its capabilities in e-commerce logistics with the acquisition of Ingram Micro CLS. We are creating a French leader to serve our customers around the world.”
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Source: Phaata.com (According to CMA CGM)
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