The loss making CEVA is to pass into French ownership as scheduled for 16 April 2019, when CMA CGM will hold 97.89% of the assets. The firm will then be delisted from the Zurich Stock Exchange.
There is no word of a rebranding exercise yet, but it would be no surprise if the CEVA name disappears as the French container line has plans to create an operational centre in Marseilles, where it is headquartered, to ‘consolidate the management teams and accelerate CEVA Logistics’ return to profit’.
The net result would be a presence in 160 countries with 110,000 employees and in excess of $30 billion in revenue. CMA CGM says it will now concentrate on meeting the logistics needs of its customers around the world with a comprehensive range of solutions across the supply chain, including LCL, airfreight, purchase order management, contract logistics or customs clearance.
Handyshippingguide.com quoted Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, as saying: “This successful transaction marks a major milestone in the history of CMA CGM’s growth. With CEVA, CMA CGM has confirmed its position as a leading worldwide maritime transport and logistics group, supported by a team of 110,000 employees. We can now offer our customers a complete range of solutions that meet all their needs and set us apart from the competition.”