CEVA Logistics AG, Switzerland, acquired the freight management activities from CMA CGM Group, France, for $105 million. As a result, Nicolas Sartini was named chief operating officer and deputy CEO, effective Jan. 1, 2019. Sartini has been acting as chief executive officer of APL since CMA CGM's takeover of APL in June 2016.

"With the support of our strategic partner CMA CGM, I am proud to open a new chapter for CEVA Logistics and announce that we can accelerate our transformation and turnaround action plan in the next three years and beyond. This can be achieved by a combination of our commercial and sales focus, cross selling with CMA CGM customers, our own productivity actions, the integration of CMA CGM Log within CEVA and sharing resources with CMA CGM in the field of procurement and administrative functions. I am very happy to welcome Nicolas who has successfully turned around the APL shipping company as my deputy and COO," says Xavier Urbain, chief executive officer of CEVA Logistics.

The combination of CMA CGM's and CEVA's expertise in corporate transformations is expected to deliver faster and more sustainable efficiency based on three key initiatives:

• Acceleration. Accelerate CEVA's transformation by leveraging CMA CGM's operational and commercial expertise and benefit from cross-selling opportunities. This includes strengthening key account relations and increasing "share of wallet," while diversifying to medium and small-size customers, focusing on value-add segments like cold chain logistics and less than container load, developing fast-growing sectors (e-commerce, retail) and penetrating new geographic areas with strong growth potential (Asia, Middle East and Africa). This also entails improving operators' productivity as a result of process improvements and technology, accelerating SG&A efficiency, leveraging shared service centers across functions/geographies, accelerating deployment of IT tools (warehouse management systems and terminal management systems).
• Efficiency. Leverage CMA CGM's platform to generate cost efficiencies in terms of back-office optimization.
• CMA CGM Log. Strengthen CEVA's footprint in ocean freight management through the acquisition of CMA CGM's freight management activities.

CEVA will remain an independent and standalone listed company. This strategic partnership is aligned with CMA CGM's strategy to offer end-to-end logistics solutions, pioneering the development of integrated logistics solutions, while retaining an arm's length business relationship with CEVA.