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French Shipping Company CMA CGM Group to Buy FedEx' Logistics Arm for $1.4B
The deal would expand CMA CGM’s U.S. logistics footprint and add multiyear air and ocean freight agreements, the companies said.
- On Wednesday, July 1, FedEx agreed to sell its FedEx Supply Chain subsidiary to CMA CGM Group for approximately $1.4 billion, sharply expanding the French shipping company's North American contract logistics business.
- FedEx is streamlining its portfolio to focus on high-margin business-to-business deliveries in healthcare, aerospace, and data centers, a strategy that followed the June 1 spinoff of FedEx Freight.
- Ceva Logistics, CMA CGM's logistics subsidiary, will nearly triple its North American operations by adding about 10,000 employees, creating a combined workforce of 20,000 people across more than 240 locations.
- Beyond the sale, FedEx and CMA CGM plan multiyear commercial agreements for air and ocean freight, with services aimed at improving aircraft utilization and phasing in through 2028.
- Pending customary regulatory approvals, the acquisition is expected to close later this year. CMA CGM Chairman Rodolphe Saadé said the deal "reinforces our long-term commitment to investing in the United States.
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Associated Press News+4 Reposted by 4 other sources
French shipping company CMA CGM Group to buy FedEx' logistics arm for $1.4B
French container shipping company CMA CGM Group said Wednesday it will buy FedEx Supply Chain, the third-party logistics subsidiary of FedEx for $1.4 billion, as it works to expand in the U.S.
·New York, United States
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French shipping company CMA CGM Group to buy FedEx's logistics arm for $1.4B
French container shipping company CMA CGM Group said Wednesday it will buy FedEx Supply Chain, the third-party logistics subsidiary of FedEx for $1.4 billion, as it works to expand in the U.S. CMA CGM Group said the acquisition will triple the size of ...
·United States
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Total News Sources13
Leaning Left4Leaning Right1Center8Last UpdatedBias Distribution61% Center
Bias Distribution
- 61% of the sources are Center
61% Center
L 31%
C 61%
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