GEODIS AND SAPA SPLIT ITALIAN LOGISTICS GROUP
Geodis and SAPA, the two main shareholders in the Italian logistics group Zust Ambrosetti Trasporti Internazionali, have announced the split up of the company.
SAPA will hold 99 percent of the company controlling automobile transport and logistics activities, while Geodis will own 99 percent of a separate company controlling the general cargo transport and logistics businesses of Zust Ambrosetti.
Certain other assets will remain under joint ownership.
The split-up, which will be finalized at the beginning of 2001, is subject to agreement from the Italian authorities.
The international air and maritime transport forwarding business of Zust will provide Geodis with greater coverage of worldwide markets, Geodis said.
In 1999, Zust Ambrosetti had sales of about $400 million.
Geodis had sales of 21 billion French francs ($2.7 billion) in 1999 and is one of the largest transport and logistics groups in Europe.