Speculation in the media that the PSA Group may sell its 25% stake in its former logistics division, Gefco, has been countered in a statement to Automotive Supply Chain.
French newspaper Les Echos reported that the holding had been put up for sale, leading to a PSA spokesman reporting that the OEM is considering its position but that “no transaction has been identified at this stage.”
PSA sold three-quarters of the logistics business to Russia’s RZD state-owned railway operator for 800 million euros ($995 million) in 2012, amid a cash crisis that took the carmaker close to insolvency. The OEM last year acquired Opel and Vauxhall from General Motors and signed a new five-year, €8 billion contract with Gefco in 2016 and remains the logistics provider’s largest client.
A spokesperson for GEFCO told Automotive Supply Chain: “GEFCO is a strategic partner of Groupe PSA. We are confident in our ability and willingness to provide continued outstanding quality and value to our first customer, Groupe PSA.
“For 69 years, GEFCO has been driving strong development around the world through innovation in the automotive sector and has a unique expertise in providing smart and flexible solutions for complex supply chains in industries such as aerospace, consumer goods and pharmaceuticals. In 2017, GEFCO achieved an 8% sales growth in sectors outside Groupe PSA and posted a €201 million EBITDA, up 16% compared to 2016. GEFCO looks forward to long-term cooperation and shared growth with all its customers and partners.”