Geodis in talks over Giraud acquisition
Geodis has announced the start of exclusive negotiations to acquire the northern and southern Europe divisions of Giraud. Following the acquisition of Giraud’s Steel division and Central and Eastern Europe division in July 2009, the acquisition of its two remaining divisions, Northern Europe and Southern Europe (full and partial truckload road transport), will now allow Geodis BM to expand its European coverage, particularly in Spain.
Giraud is the third-largest road freight carrier in Spain, and a major player in France. It is also present in Italy and the UK. The acquisition is therefore an opportunity for Geodis to expand the geographic coverage of Geodis BM in Europe and also to increase revenue through a portfolio of loyal key accounts (automotive, retail and distribution, industry, etc.). The transaction will be concluded very quickly, after employees have been duly informed and after approval by the competition authorities, who are expected to rule on the acquisition by the end of the first half of 2010.
“Giraud’s corporate culture is close to ours,” said Olivier Melot, director of the Geodis Road division. “It has a centralised organization, strong culture of operational excellence and management tools that are similar to ours. These factors, along with our successful experience with the Steel division and Central and Eastern Europe division, augur well for a successful integration.”
“For Geodis BM, this acquisition is an opportunity to build a true European network and to play a full role in the Group’s global end-to-end offering. With this new network, the revenue of Geodis BM will exceed one billion Euros, based on the expertise of its 5,000 employees,” concluded Jean-Louis Demeulenaere, CEO of Geodis.
