Thursday, April 16, 2015

3PL Freight Forwarding and Supply Chain Group Narrow Interests by Sale of Non-Core Groupage Business

Tank Logistics Firm Snaps Up Established Cargo Consolidator
Shipping News Feature

ITALY – EUROPE – Ceva Logistics, the freight forwarding and 3PL supply chain provider, has sold its interest in international groupage subsidiary Spedizioni Internazionali Trasporti Terrestri Aerei e Marittimi Srl (Sittam) to a subsidiary of Gruppo PIR, La Petrolifera Italo Rumena SpA for an as yet undisclosed sum. Sittam is a long established consolidator which began life in 1960 as primarily a rail cargo carrier into neighbouring countries but expanded through the 1970’s to hold a prominent place with groupage trailer services servicing the whole of the EU as it then was.

Ceva began its association with Sittam when it was a subsidiary of TNT which was split up into divisions and sold on to Apollo Global Management in 2006. Apollo then morphed into Ceva and the Cornaredo (near Milan) headquartered groupage operator continued business under its own name as a collaborator with its new parent company running nine branch offices and maintaining services to and from Germany, Austria, France, Spain, Turkey as well as Eastern Europe and other countries via a network of agents.

Ceva says the Sittam management team are supportive of this latest development, Gruppo PIR is mainly employed in the field of tank logistics, maintaining depots which service the oil and gas distribution industry whilst also having interests in the financial and real estate sectors. Ceva CEO Xavier Urbain commented:

“Sittam has an excellent reputation in its market. Within the environment which Gruppo PIR will provide, Sittam’s management team has the commitment and experience to take the company to the next level. In the context of the strategy Ceva introduced last year, Sittam’s business was identified as non-core and we recognized that Sittam’s continued success would be stronger under new ownership. With PIR, we have found a respected partner and we look forward to continuing to work with Sittam as opportunities arise. We want to express our appreciation to the management team of Sittam under the leadership of Giuseppe del Ciampo and Stefano Palmieri and to the staff for their valued contributions to Ceva.”