Latest news with #CevaLogistics
Yahoo
4 days ago
- Business
- Yahoo
Ceva Logistics restructures North America operations, names new chief
Supply chain services giant Ceva Logistics has appointed Yves Laforgue, who joined the company last year through the acquisition of France-based Bolloré Logistics, as its new North America coordinator to better align regional operations with management's vision, according to an internal communication. CEO Mathieu Friedberg told employees in a memo on Friday that he is restructuring the North American organization, with Laforgue in charge, so it can capitalize on upcoming investments by parent company CMA CGM Group, and improve profit margins as it works to integrate Bolloré Logistics into its sprawling organization. Laforgue will continue his duties as CEO for Ceva Logistics Air & Ocean North America in addition to holding the new role. Ocean shipping giant CMA CGM, which acquired Ceva Logistics in 2019 and bought Bolloré Logistics in February 2024 for $5.2 billion as part of its transformation into a vertically integrated logistics services provider, announced in March that it would invest $20 billion over four years in U.S. ocean, air cargo and warehousing operations. Ceva Logistics is now the fifth largest global logistics service provider by gross revenue. 'In anticipation of these investments and to ensure that we are delivering on our three critical areas for success in 2025 — profitable growth, modernization and efficiency, and people — I have decided to reposition our NORTAM organizational structure and processes to enable greater efficiency, agility and cohesion,' Friedberg said in the message, which was obtained by FreightWaves. A Ceva employee, who spoke on condition of anonymity to avoid potential job retaliation, described operations on the ground as 'dysfunctional.' 'In his new role, Yves will focus on aligning and coordinating regional initiatives that span our products and functions. In addition, he will represent the company in front of public authorities and support our customers globally. His mandate is to simplify governance, accelerate decision making and make Ceva more agile and more responsive to the needs of our customers and our NORTAM teams on the ground,' Friedberg told staff members. 'We will accelerate in North America and need to create the right momentum and governance as close to the ground as possible. Alison Jahn, head of marketing and communications for Ceva North America, declined to comment on the organizational changes. Laforgue spent 30 years as an executive at Bolloré Logistics, including most recently as CEO of the Americas. Ceva has spent the past 18-months integrating Bolloré under its brand. Bolloré, which operated in 148 countries and employed 15,000 people, was a major air and ocean freight management company with additional capabilities in contract logistics, multimodal transportation, and e-commerce logistics. Ceva Logistics has continued to grow this decade through CMA CGM acquisitions of French automobile logistics provider GEFCO, Ingram Micro's e-commerce and lifestyle services business, and French last-mile delivery company Colis Privé Group. CMA CGM also launched its own all-cargo airline three years ago. Click here for more FreightWaves/American Shipper stories by Eric Kulisch. Write to Eric Kulisch at ekulisch@ RELATED STORIES: CMA CGM to invest $20B in US shipping, supply chain capabilities Ceva Logistics to acquire logistics provider in Turkey The post Ceva Logistics restructures North America operations, names new chief appeared first on FreightWaves. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
26-04-2025
- Business
- Yahoo
Ceva Logistics to acquire logistics provider in Turkey
Ceva Logistics, the world's fifth-largest logistics service provider by gross revenue and part of France-based CMA CGM Group, announced Saturday it has agreed to acquire Turkey-based Borusan Tedarik for $400 million in cash and debt. Borusan Tedarik offers contract logistics, finished vehicle logistics, truckload and less-than-truckload service, as well as air and ocean freight management, and customs brokerage. In addition to Turkey, it also has operations in Germany, Bulgaria, Hong Kong and China. Last year the company had gross revenue – which differs from net revenue, which subtracts the cost of purchasing transportation on a customer's behalf – of $567 million. Ceva Logistics said it is buying the entire company, including all the privately held shares and the publicly traded ones. The transaction must still meet closing conditions and regulatory approvals before it can be finalized. Ceva said Borusan Tedarik, which has about 4,000 employees, will strengthen its position in Turkey. The acquisition will nearly double the size of Ceva's domestic warehousing and distribution infrastructure to 12.9 million square feet. In addition, the combined ground transport activities of the companies will move about 1 million loads per year. The deal will also elevate Ceva to the upper echelon of finished vehicle, ocean and air logistics capacity in Turkey, according to the company. 'We have identified Turkey as one of our strategic geographies where we expect to grow significantly. Complementing our existing presence in Turkey with the reputable experts and operations of Borusan Tedarik would put us in a position to offer even greater value to our combined customers and, as a result, grow faster than the market organically. CEVA is becoming bigger, stronger and smarter, so that we can then grow faster,' said CEO Mathieu Friedberg. The Borusan Tedarik deal is the latest step in CMA CGM's growth strategy through acquisitions. The ocean shipping giant acquired Ceva Logistics in 2019 and has since integrated large logistics providers such as France-based Bolloré Logistics and GEFCO, and Ingram Micro's commerce and lifestyle services business. Ceva has also made numerous tuck-in acquisitions, including the 2023 purchase of last-mile delivery company Colis Privé Group, and initiated joint ventures to accelerate its growth in key geographies or market sectors. CMA CGM also launched its own cargo airline three years ago. Click here for more FreightWaves/American Shipper stories by Eric Kulisch. Write to Eric Kulisch at ekulisch@ RELATED STORIES: CMA CGM buying large stake in last-mile delivery company Express logistics providers bet big on health care business FedEx makes big push for third-party air cargo The post Ceva Logistics to acquire logistics provider in Turkey appeared first on FreightWaves. Sign in to access your portfolio
Bloomberg
26-04-2025
- Business
- Bloomberg
CMA CGM Acquires Turkish Logistics Company for $440 Million
Turkish conglomerate Borusan sold its logistics and supply chain solutions firm to French shipping giant CMA CGM SA for $440 million, according to a statement dated Saturday. Borusan signed a binding deal with Ceva Logistics, a unit of closely held CMA CGM, to sell all shares of Borusan Tedarik Zinciri Cozumleri ve Teknoloji AS, the Turkish company said in an exchange filing. The price of $440 million is subject to net cash and working capital adjustments, while the deal is pending regulatory approvals.
