Ceva Logistics has sold Italian groupage firm Sittam to a subsidiary of Gruppo PIR, after identifying the business as “non-core” under new strategic thinking.
La Petrolifera Italo Rumena has purchased Sittam, which is based in Cornaredo near Milan, and completion of the deal is expected later this month.
With nine offices across Italy, Sittam operates throughout Europe, namely in Austria, France, Germany, Spain and Turkey.
According to Ceva CEO Xavier Urbain, Sittam was identified as none-core to the business under its new strategy introduced last year.
“Within the environment which Gruppo PIR will provide, Sittam’s management team has the commitment and experience to take the company to the next level,” said Urbain. “We want to express our appreciation to the management team of Sittam under the leadership of Giuseppe del Ciampo and Stefano Palmieri and to the staff for their valued contributions to Ceva.”