Wednesday, December 2, 2009

Eurotunnel Takes Lead In French Rail Freight

Acquisition of Veolia Cargo Makes for ‘Significant Foothold’
Shipping News Feature

FRANCE – Eurotunnel, the company that runs the Channel Tunnel between France and the UK, has completed its purchase of Veolia Cargo, a major operator in the French rail freight market. The acquisition, which has been subject to talks since September, makes Eurotunnel a leading player in the sector.

Veolia, which in 2008 had revenues of approximately 50 million Euros, will see the various parts of its group rebranded under the Europorte mark. The companies absorbed constitute a wide gamut of rail services including national and international haulage, infrastructure maintenance and loading/unloading services.

Speaking of the deal Jacques Gounon, Chairman and Chief Executive of Eurotunnel, stated: “This investment is in line with Groupe Eurotunnel’s development strategy, based on infrastructure and railway management. Always conscious of the environment, we want to strengthen our position in markets with potential”.

Eurotunnel added in a statement that: “Europorte will now have a more significant foothold in France that will enable the group to expand its service proposition. The group will also be better able to provide for the increasing customer demand for efficient and environmentally sustainable solutions.

“Within the framework of sustainable development, this investment is an acceleration of one of the group’s core activities.”