The world’s third largest container line owns a 33% stake in CEVA Logistics, and plans to maintain the company’s public listed status, however, has launched a public tender at CHF30 per share as it a revised strategic plan for the logistics company was announced on Monday.
The revised strategic plan includes a revenue target of $9bn by 2021. Some $630m of the target will be met by the acquisition of CMA CGM’s freight management company CMA CGM Log for $105m, while the remainder of the revenue target is expected to come from 5% a year organic growth.
CMA CGM will be appoint industry veteran Nicolas Sartini, currently ceo of container line subsidiary APL, as coo and deputy ceo of CEVA from the beginning of next year. His appointment follows CMA CGM moving APL cfo Serge Corbel to the post of cfo of CEVA.
Read more: APL cfo Corbel moving to CEVA Logistics
“I am very happy to welcome Nicolas who has successfully turned around the APL shipping company as my deputy and coo,” said Xavier Urbain, ceo of CEVA Logistics.
On the transformation called upon in the strategic plan he said: “This can be achieved by a combination of our commercial and sales focus, cross selling with CMA CGM customers, our own productivity actions, the integration of CMA CGM Log within CEVA and sharing resources with CMA CGM in the field of procurement and administrative functions.”
Rodolphe Saadé, chairman and ceo of CMA CGM stated: “We are convinced of CEVA’s potential. This industrial project will make it possible to speed-up its transformation and to make it a more proficient leader of logistic, to the benefit of its clients, its employees and its shareholders. We are eager to work alongside all CEVA’s teams.”
CEVA is to remain a standalone, listed company, but with a with deeper business relationship with CMA CGM.