photo: https://mfame.guru/wp-content/uploads/2022/03/CMA-CGM-SHIP.jpg/CMA CGM acquires Russian Railways' automotive logistics business
CMA CGM, a Marseille-based shipping conglomerate, has acquired almost 100% of the shares of Gefco, a company specializing in automotive and contract logistics. Gefco's controlling stake was previously held by Russian Railways.
Gefco, founded in 1949, was originally a subsidiary of Peugeot-Citroën, which in turn worked closely with SNCF, the French national railroad. In 2012, the car manufacturer, then named PSA, sold a 75% stake in Russian Railways for EUR 800 million as part of a restructuring. The company then merged with Fiat-Chrysler to form Stellantis, which continued to hold the remaining 25% stake.
CMA CGM is believed to have acquired RZD's stake for about EUR 450-500 million and has also reached terms to acquire the Stellantis' 25% stake subject to the approval of the acquisition by the European Commission, which has already put forward its positive decision.
"This acquisition allows us to take a new step in our development strategy and strengthens our position as a global player in transport and logistics," said CMA CGM Group CEO Rodolphe Saadé. "With Gefco, our subsidiary Ceva Logistics has become the world leader in automotive logistics, having strengthened its position in e-business with the acquisition of Ingram Micro Commerce & Lifecycle Service."
"With more than 70 years of expertise in industrial logistics, Gefco is proud to join the CMA CGM Group," added its CEO, Luc Nadal. "The move 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." He also believes that "the link with Ceva Logistics would bring 'many opportunities for Gefco in terms of innovation and sustainable growth, particularly internationally.
Gefco operates in 47 countries and has about 11,500 employees. In 2021, it had a turnover of EUR 4.2 million.