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TNT + EGL = Ceva and €10bn expansion plan
Page 9
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TNT LOGISTICS and EGL have relaunched under the name of Ceva Logistics, which plans to boost turnover from €.6bn (£4.3bn) in 2006 to €10bn (f7.1bn) by 2010.
CEO John Pattullo says the company is now the fourth biggest logistics firm globally, and combining EGL's freight-forwarding business with TNT's contract logistics puts Ceva is in a strong position to boost its global presence.
—lhe two businesses are incredibly complimentary," he adds."EGL was strong in the Americas. TNT was strong in Europe and both had businesses in Asia. Now we have a strong presence across all three.
"TNT was dependent on the automotive sector, but EGL adds market share in technology and consumer and retail as well."
Only 4% of the firms' customers overlapped, so "together we can provide end-to-end supply chain solutions". The company believes it is in a strong position for growth, hence the ambitious turnover target of €10bn by 2010.
Pattullo says: "We can achieve this by focusing on: unity of approach and systems; operational excellence; and growth. Both companies were growing less than the market. TNT grew 1% last year. while its market grew 7-8%; EGL grew 9% and its market grew 12%. To reach €,1 Obn we need to grow 15% a year, but we believe that is achievable in a growing market."
The areas Ceva has earmarked for growth and investment are sea freight, particularly out of China, and road freight in North America. It also aims to expand its business into a wider market in China while building a presence in Dubai and developing its activities in Eastern Europe.