First independent automotive logistics group in Europe
27 March 2001 - 16:54 CET
Newly formed consortium Albateam (*) has today signed an agreement to acquire Renault's logistics subsidiary CAT creating the first independent automotive logistics group in Europe. Albateam brings together the complementary business skills of three important automotive service providers, ready to supply diversified services to the automotive industry.
CAT, with its turnover of euros 1,2 billion in 2000, will be the platform for Albateam to meet the needs created by the rapidly evolving consolidation of the global vehicle manufacturing industry. This consolidation is increasingly focusing on the need to reduce the total cost of the finished vehicle and spare part supply chain by improving inventory velocity and logistics network innovations. Albateam will enable CAT to provide the supply chain with new services and expand into new markets by providing logistics management services to non-Renault customers.
The Albateam consortium has been formed by AutoLogic (one of the leading European providers of finished vehicle transport and technical services), TPG (a general provider of mail, express and contract logistics services and, through its TNT logistics division, with experience in automotive spare parts logistics) and Wallenius Lines (a leading global specialist in ocean transportation of vehicles and other cargo).
The Albateam consortium was advised for this transaction by Crédit Agricole Indosuez in France.
Renault will hold a 20% stake in Albateam, the remaining 80% being held by the other partners.
CAT (Compagnie d'Affrètement et de Transport) has around 2 500 employees, two-thirds of whom are in France. Its business is divided between new vehicle logistics (which accounts for 64% of the turnover) and general cargo and international business (36%). CAT is solidly established in Europe through its 13 subsidiaries, as well as in Latin America (Brazil, Mexico and Argentina).
The acquisition is conditional upon the final approval of the European Commission.
(*) Global Automotive Logistics being the legal entity of Albateam.
