CMA CGM Group has completed its US$1.4bn (c. £1.05bn) acquisition of FedEx Supply Chain, nearly tripling the North American contract logistics footprint of its CEVA Logistics subsidiary.
The acquisition, first announced in July, adds 34 million ft² of warehousing and nearly 10,000 employees to CEVA’s operations.
CEVA’s North American network now spans more than 240 locations and some 20,000 employees.
Rodolphe Saadé, chairman and chief executive of CMA CGM Group, said: “By significantly expanding our contract logistics capabilities, we are strengthening our ability to offer customers integrated, end-to-end supply chain solutions across ocean, air, land and logistics.”
Alongside the acquisition, CMA CGM and FedEx have entered into multi-year commercial agreements covering ocean and air freight.
CMA CGM will become a preferred ocean carrier for FedEx under a non-exclusive agreement. The companies also plan to collaborate on air cargo capacity on strategic routes, including Asia-Europe, with the aim of increasing aircraft utilisation and providing greater flexibility on long-haul services.
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