CMA CGM Acquires India's LCL Logistix
CMA CGM has acquired a 60 percent stake in India's LCL Logistix as it tries to expand in freight forwarding services, the French shipping group said on Wednesday.
CMA CGM, the world's third-largest container shipping firm, did not disclose the price of the deal to buy Mumbai-based LCL Logistix, which had sales of $120 million last year and operates freight services across India as well as in North America and East Africa.
The acquisition is being done by the group's CMA CGM LOG unit which runs logistics services to complement sea transport.
CMA CGM last month reported higher profits and record sales of $16.7 billion for 2014, supported by strong volumes and lower costs.
Reporting by Gus Trompiz