CMA CGM, CEVA Broaden Strategic Partnership
- Business & Finance
Shipping major CMA CGM has signed a new relationship deal with Swiss logistics company CEVA to reinforce their industrial cooperation.
Under the agreement, signed on October 24, CEVA Logistics will be able to accelerate its transformation by bringing CMA CGM’s operational expertise and experience to help the company achieve its recovery plan faster and more efficiently.
CMA CGM is expected to generate new commercial opportunities for CEVA and transfer its freight management activities to CEVA, strengthening the company and creating economies of scale. The French major would also support additional investments aiming at implementing CEVA’s digital and IT transformation.
“We are convinced of CEVA Logistics’ potential. This industrial cooperation will make it possible to accelerate its required transformation and to make it a more profitable and efficient leader in logistics,” Rodolphe Saadé, Chief Executive Officer of CMA CGM, said.
The agreement signed between the parties also entails a removal of the drag along clause in the relationship agreement previously entered into, as well as a voluntary public tender offer from CMA CGM for CEVA shareholders who wish to sell their shares.