The French logistics company Gefco has been put up for sale by its owners – Russian Railways and automotive manufacturer Stellantis, Reuters reported on Wednesday. The news agency estimates that the value of the transaction may exceed 2 billion euros.
JP Morgan and Rothschild & Co, who have been entrusted with the sale, have already found several interested parties, writes Reuters. The news agency named people close to the matter as the source of the information. According to the French financial newspaper “Les Echos”, several sources have confirmed this, and Trans.INFO is waiting for Gefco to comment on the news.
Financial problems and legal proceedings
Gefco offers supply chain solutions and logistics for the automotive industry. The group operates in 47 countries and serves 300 locations around the world.
In 2020, its revenues amounted to EUR 3.8 billion , which was a significant decrease of 19.7%. compared to the financial year 2019. There was also a decrease in the recurring EBIT margin to 3.7%. (compared to 4.3% in 2019).
But the company has also had to face a different kind of hardship in recent times: four leaders of the company were placed in police custody in March as part of a 3-year international investigation into the undeclared work of truck drivers. The four directors were then indicted for “using an organized group to use the services of people carrying out hidden work”.
The aforementioned investigation has led to the arrest of ten people in total. It is alleged that the ten individuals were responsible for a network of truck drivers from Poland and Slovakia who had been driving in France without their work being declared.
Photo credit @ Gerd Fahrenhorst