CEVA reports successful quarter following the acquisition of EGL
30 November 2007 - 10:00 CET
CEVA solidifies its leading global position in supply chain management
Leading global supply chain management company CEVA solidifies today the merger with Eagle Global Logistics (EGL), creating one of the top-5 supply chain companies in the world. In the first three months after the merger the company's total annualised revenues, announced this Thursday in London, increased to over € 6.2 billion. The integration follows the acquisition of EGL by CEVA on August 2, 2007, supported by its shareholder Apollo Management L.P.
With the merger, over 11,000 EGL employees working in more than 120 countries start operating, as of today, under the CEVA Logistics brand. More than 95% of the senior management continue working with the group. All existing contracts and agreements will remain without change in terms and conditions.
The Contract Logistics and the Freight Management divisions are complementary, leveraging sector expertise and increasing the company's market presence. Relying on that, CEVA's strategy for growth in the coming years will focus on cross selling and integrated solutions.
John Pattullo, Chief Executive Officer since August, said: "We are a new company comprised of former TNT Logistics and EGL and we already behave as a single, integrated entity. In these months after the merger CEVA has already established disciplined leadership processes and started leveraging scale with powerful global initiatives such as LEAN and "Smart Solutions" which are translated into operational excellence for the customers." In Pattullo's view, further deployment of several clients' excellence programmes will play an important role in CEVA's future. "These programmes are a key point of competitive advantage. The fact that we are one of the major players in the global supply chain is now reflected in our results."
For more information contact:
Paula Satink
Senior Public Relations
+ 31 23 568 3492
Paula.satink@cevalogistics.com
CEVA. Making Business Flow
CEVA Logistics supply chain management is recognised by its customers for making their business flow through our commitment to their success. CEVA focuses on a diverse range of market sectors including automotive & tyres, technology, industrial, retail & consumer goods, health care, publishing, aerospace and oil & gas. We offer our customers increased efficiency and reduced transit times, thanks to our ongoing focus on operations excellence and the visibility and control that we create in supply chains. As a leading global logistics company, we provide end-to-end design, implementation and operation of logistics solutions in contract logistics, freight forwarding, distribution management and transportation management for large and medium-sized national and multinational companies.
CEVA combines the heritage of two great companies, TNT Logistics and EGL, which merged in August 2007. We employ more than 50,000 people and operate an extensive global network with facilities in over 100 countries worldwide. We operate 614 warehouses around the globe summing a combined space of approximately 8, 6 million square meters. For fiscal year 2006, CEVA reported combined pro forma sales of € 6 billion. CEVA is an Apollo portfolio company. Apollo is one of the leading private equity investors in the world. CEVA's CEO is John Pattullo. For more information www.cevalogistics.com
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT of 1995:
The statements included in this news release, and other statements that are not historical facts, may contain forward-looking statements. In addition to the assumptions specifically mentioned in the above paragraphs, there are a number of other factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the process of combining EGL and CEVA, the actual effects of recent and future regulatory changes and technological developments, globalization, levels of spending in major economies, the economic climate in Asia and the US, levels of marketing and promotional expenditure, actions of competitors and joint venture partners, employee costs, future exchange and interest rates, changes in tax rates, unexpected costs of integrating recently acquired businesses and future business combination or dispositions and other factors detailed in risk factors and elsewhere in CEVA and EGL's most recent Annual Reports, including but not restricted to the EGL Annual Report on Form 10-K. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, is contained in the Company's filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize (or the consequences of such a development worsen), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. EGL and CEVA disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
