CMA CGM buys GEFCO; financials not disclosed

French shipping group CMA CGM is acquiring nearly 100% of GEFCO, a European leader in automotive logistics and international expert in multimodal supply chain. The acquisition has been submitted to competition authorities for approval, according to a statement from CMA CGM.

"As part of a special procedure, the European Commission has authorised CMA CGM to acquire the capital of GEFCO immediately, pending the final approval that 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."

"The acquisition of GEFCO represents a further step in our development strategy and strengthens our position as a global player in transport and logistics," says Rodolphe Saadé, Chairman and CEO, CMA CGM Group. "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."

GEFCO, a French company, has been operating for over 70 years now, and has customers in the aerospace, pharmaceuticals, energy and retail sectors. GEFCO has a network spanning 47 countries and employs around 11,500 staff around the world with more than 2,500 of them in France.

"With more than 70 years of expertise in industrial logistics, GEFCO is proud to join the CMA CGM Group, an undisputed world leader in maritime shipping and logistics," says Luc Nadal, CEO, GEFCO."The project led by CMA CGM will allow GEFCO to continue our activity in a stable environment, will support the transformation we have initiated and will strengthen our development in the years to come. This link between two French companies will bring many opportunities for GEFCO in terms of innovation and sustainable growth, particularly internationally, for the benefit of our customers. I am proud of the work accomplished by all of the GEFCO teams around the world on behalf of our customers, and I am confident in the future with CMA CGM and CEVA Logistics."

CMA CGM recently announced the completion of the acquisition of Ingram Micro's Commerce & Lifecycle Services (CLS) and Colis Privé. The deals have accelerated the development of CEVA Logistics in e-commerce and in key market segments such as technology, retail and fashion.