CMA CGM owns more than 98% of CEVA Logistics following a tender offer the French container line is making change to senior management with Sartini, who joined the logistics company at the start of year from APL, taking over from Xavier Urbain as ceo from 1 June. CMA CGM chairman and ceo Saadé was also appointed as chairman of CEVA Logistics and Urbain will become a special advisor to him.
CMA CGM will also be opening an operational management centre for CEVA Logistics in Marseilles to bring together logistics company’s management functions and support teams, move that will also create 200 jobs.
“Despite a challenging global environment in the beginning of the year, CEVA has performed in line with its roadmap and targets and achieved a number of productivity improvements,” CMA CGM said.
“The implementation of CEVA's new strategic plan, prepared jointly with CMA CGM, and the close cooperation between the teams of the two companies are going to drive an improvement in CEVA's financial performance and help it turn around quickly.”
CEVA Logistics has been set a revenue target of $9bn by 2021, representing 5% annual growth plus a $630m contribution from CMA CGM Logistics. Its EBITDA target for 2021 is $470-490m.
CMA CGM plans to go ahead with a squeeze out to take 100% ownership of CEVA Logistics.