Latest news with #France-based
Yahoo
2 days ago
- Business
- Yahoo
Electric barge will help get Nike from factory to port
CMA CGM has launched what it said is the first fully electric container barge in Vietnam, connecting Nike's manufacturing sites with the country's Cai Mep container port. The initiative, Green River Transportation, is a joint venture between Marseilles, France-based CMA CGM and port operator Gemadept. The new entity will manage river transport services in the Mekong Delta. In a release, CMA CGM said the electric barge was jointly designed by its CMA Ships and research and development teams. Power will come from a dedicated charging station connected to a new solar farm located on the Gemalink terminal at Cai Mep, jointly owned by CMA CGM and Gemadept. With output of up to 1 GWh of green electricity per year, the zero-emissions solution will reduce carbon dioxide emissions by 778 tons per year on the 112-mile route between Binh Duong province and Bà Rịa-Vũng Tàu, in southern Vietnam. Based in Beaverton, Oregon, Nike (NYSE: NKE) is a longtime customer of CMA carrier said the low-carbon logistics model is designed to be replicated with other customers and in additional countries, especially where inland waterways are a key link in supply chains. The electric barge is scheduled to enter service in early 2026 and aligns with CMA CGM's global strategy to reach net zero carbon by 2050, through a combination of low-carbon technologies and alternative fuels. Find more articles by Stuart Chirls here. 'Fear and uncertainty' driving up China-US container rates CMA CGM developing $600M Vietnam container terminals Maersk, Hapag-Lloyd partner on new Asia-Long Beach service Maersk more than halfway through $1B stock buyback The post Electric barge will help get Nike from factory to port appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Iraqi News
4 days ago
- Business
- Iraqi News
UAE's Masdar, Saudi Arabia's ACWA Power to build 5 solar power plants in Iraq
Baghdad ( – The spokesperson for the Iraqi Minister of Electricity, Ahmed Musa, revealed on Thursday that the Iraqi government will sign agreements soon with UAE-based Masdar and Saudi Arabia's ACWA Power to build five solar power plants. In a statement to the state-run news agency (INA), Musa explained that the Iraqi Electricity Ministry seeks to reach deals with major companies to build solar power plants in a step aiming to diversify Iraq's energy sources and adopt renewable energy, particularly solar energy. Solar power plants are currently under construction in the Iraqi provinces of Basra, Muthanna, Karbala, Babylon, and Dhi Qar, according to Musa. The Iraqi official added that ACWA Power will build a 1,000-megawatt solar power plant in the central Iraqi province of Najaf, and Masdar will build four plants with a total capacity of 1,000 megawatts. Given the country's expanding power demand, the Iraqi government is implementing initiatives to diversify its energy sources and achieve its energy sector sustainability. In 2023, the Iraqi Ministry of Electricity intended to negotiate contracts with major corporations such as France-based TotalEnergies to build a 1,000-megawatt power plant in Basra and China-based PetroChina to establish another 750-megawatt power plant in Muthanna. The Iraqi government has approved a proposal to award contracts to specialist businesses to create 7,500 megawatts of solar energy by 2030. These projects are part of a larger national plan that intends to generate 12,000 megawatts of solar energy.
Yahoo
4 days ago
- Business
- Yahoo
LDC names new CEO at Pierre Martinet Group as acquisition concludes
Lambert Dodard Chancereul (LDC), the France-based agri-food group, has appointed a new CEO at Pierre Martinet after concluding a takeover. Benjamin Montlahuc, formerly in charge of AGIS, a subsidiary of LDC's convenience food division, will now head up the family-owned salads and tabbouleh producer founded by chairman Pierre Martinet. Martinet will remain board chair for a three-year period, LDC said in a statement revealing the closure of the deal first announced a year ago. The financial terms of the transaction, which was approved by France's competition regulator in April, have not been disclosed. LDC said the acquisition allows it to have a presence across 70% of categories within supermarket and hypermarket convenience food departments, supported by a 'strong new brand' to complement its existing Marie ready-meals line. The Fermiers de Loué poultry brand owner added that Pierre Martinet 'enhances' its convenience food offering with fresh salads and other plant-based recipes. Pierre Martinet owns its namesake brand, along with La Belle Henriette. Philippe Gélin, chairman of the management board of LDC, described the deal as a 'pivotal transaction for the convenience food division, fully aligned with the 2026-2027 development plan'. Pierre Martinet, with over 700 employees across five French sites, reported €231m ($260.5m) in revenue for 2024, according to the statement. LDC director of the convenience food division, Christophe Guyony, said: "Following Marie in 2009, the acquisition of the Pierre Martinet Group marks another important step in the growth of the division, which now has a high-quality plant-based offering. 'With this new high-value asset, LDC now offers the most extensive range in the fresh convenience food aisle.' The acquired group's integration into LDC's convenience food division accounts will commence on 1 June. Chairman Martinet added: "I founded this brand, which has become iconic and dear to French consumers over nearly 60 years. Today, a new chapter begins, and it is now up to LDC to uphold the quality and excellence of the Pierre Martinet Group's products for the benefit of all consumers." LDC reported revenue of €6.32bn for the 2024–2025 financial year, representing a 2% increase over the corresponding period. Its operating income declined by 14.2% to €317.6m. Net income rose 22% to €20.8m. Other recent acquisitions by LDC included Groupe Routhiau, a meat and plant-based business in France, that was cleared by competition authorities late last year. It also took a majority interest in Germany-based European Convenience Food (ECF Group), a retail and foodservice supplier, in 2024. And LDC acquired the Konspol Poland ready-meals brand and factory from agri-food giant Cargill. "LDC names new CEO at Pierre Martinet Group as acquisition concludes" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Mint
5 days ago
- Automotive
- Mint
Trump tariff threat: CEAT figures out ways to salvage its $225mn Camso acquisition
NEW DELHI : Tyre maker CEAT Ltd will shift production for the US market to its Indian facilities from Sri Lanka to salvage its biggest acquisition, Canadian tyre brand Camso, in case US President Donald Trump decides to go ahead with his plan to impose higher reciprocal tariffs. 'We are in talks with the Sri Lankan government. There is hope that the situation will be resolved. However, we have our mitigation strategies in place in case trade deals do not materialise," Arnab Banerjee, managing director and chief executive, CEAT, told Mint. India's fourth-largest tyre player acquired Camso, which gets nearly one-third of its business from the US, in December 2024 for $225 million (about ₹1,900 crore) in an all-cash deal from France-based Michelin group. In 2023, Camso posted a revenue of $213 million. Also Read: In US-China trade war, Indian tyre makers could be collateral damage The acquisition gave the RPG Group flagship control over its two manufacturing facilities in Sri Lanka and over 40 global OEMs, including those in the US. However, Trump's 2 April announcement to impose 44% reciprocal tariffs on Sri Lanka soured the deal for the Mumbai-based company. Though the US administration has paused the implementation of higher tariffs till 9 July, the impending threat has pushed the company back to the drawing board. 'At present, we do not have much exposure to the US. However, the country is an identified growth market for us," Banerjee added. The threat Analysts have warned that the Camso acquisition will become a problem for the company if the Trump administration pursues the plan, and it will be key to watch CEAT's mitigation strategies. The proposed tariffs will increase import costs for US tyre customers, which can shift demand to manufacturers with plants in the North American region or those in countries that strike trade deals with the US. 'If the tariff situation prevails, there can be significant risk to 15% of the overall volumes (US bias tires) for the company (Camso)," wrote Rishi Vora of Kotak Institutional Equities, in a 1 May note. 'In that case, the rationale for the transaction becomes difficult to justify." Also Read: Rubber barons: These small caps make a fortune from discarded tyres. Should you invest? In 2024-2025, the tyre maker's net profit declined by 26% to ₹471 crore, while its revenue grew by 10% to ₹13,217 crore. Its share price has risen by 17.88% since the beginning of 2025, as against a 2% rise in the Nifty Auto. The contingency plan The North American market is a key destination for the Indian tyre industry, accounting for about one-fifth of its nearly $3 billion exports in 2023-24. Europe and Latin America are also key destinations. In 2024-25, CEAT got about 19% of its ₹13,217 crore revenue from exports, with its major markets in Latin America and Europe. However, the management set its sights on the world's largest tyre market in 2024. 'CEAT has entered twelve new geographies in the fiscal year with plans to enter the world's largest tyre market, the US, in 2025. This expansion underscores our capability to produce the best-in-class products to meet global requirements," the company's vice chairman, Anant Goenka, said in his letter to shareholders in 2024. Now, to salvage that ambition, one of its mitigation strategies involves the company shifting the production of tyres for the US market from Camso's plants in Sri Lanka to its Indian facilities, while the Sri Lankan plants will produce tyres for the European market. As of now, India, where CEAT has six manufacturing plants with a capacity of producing more than 140,000 tyres every day, stands to attract reciprocal tariffs of 26% on the goods it exports to the US. Tyre exports Overall, the international markets constitute a large share of India's top tyre makers. While Apollo Tyres Ltd earned around 13% of its revenue from exports in 2023-24, international sales accounted for nearly three-fourths of Balkrishna Industries Ltd's top line. India's largest tyre player, MRF Ltd, earned about 8% of its revenue from exports. For the broader auto ancillary sector, including auto parts makers, exports to the US contributed one-third of the total $21 billion exports in 2023-24. Also Read: Can Camso transform tyre maker Ceat into a high-margin business? Sona Comstar, which gets more than 40% of its revenue from the North American market, highlighted in its earnings call on 30 April that 3% of its revenue can be impacted due to Trump tariffs.
Global News
6 days ago
- Business
- Global News
Tim Houston has been travelling the world promoting Nova Scotia. Is it money well spent?
Nova Scotia Premier Tim Houston is in France as part of ongoing efforts to promote trade talks amid tariff tensions between Canada and the U.S. Houston is in the country to discuss market and energy opportunities with France-based tire manufacturer, Michelin, which is one of Nova Scotia's largest employers. It's the latest in a series of international trips for Houston to bolster trade relations since Trump imposed sweeping tariffs on Canadian goods. 'Given the circumstances we're in, I think it's probably going to be the case that a lot of the premiers if not all of them, are going to be travelling more than they usually do because they're looking for new trade partnerships.,' said Dalhousie University political scientist, Lori Turnbull. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Although the response to build up new trade relations is being led federally, Turnbull says the provinces' premiers also play a key role. Story continues below advertisement 'They are actually the best ones that are most able to explain what that partnership would look like on the ground because it is very regional, provincial, more than it is national,' she said. She also notes Houston has been travelling interprovincially, with Ontario Premier Doug Ford becoming a significant ally. 'There seems to also be a desire on Premier Houston's part to expand the reach of his own brand,' she said. Since being re-elected in November 2024, Houston has been on more than half a dozen international trips. The province's ministerial expenses record for the fiscal year ending March 31 shows more than $10,000 has been spent. That figure doesn't include his most recent stops in Denmark, Spain, the U.K. and now France. The Nova Scotia Liberal Party says it's crucial for the premier to deliver the results of these trade talks to Nova Scotians. 'The premier has indicated that he's meeting with various representatives and some of them are maybe potential to the province or established in the province already, so we haven't seen any reports coming out of the trips yet but we'll be asking the question,' said interim Liberal Leader Derek Mombourquette. During the spring sitting of the legislature, the NDP also raised concerns about Houston's travel, saying he should have made sitting in the House a priority. Story continues below advertisement The premier's office did not respond to our request for comment by deadline Monday night.
