CMA CGM involved in African cotton deal

CMA CGM involved in African cotton deal Geocoton Holding, an entity in which Advens and CMA CGM hold 51 percent and 49 percent stakes, respectively, has been selected to acquire a 51 percent stake in Dagris by France’s Minister of the Economy, Finance and Employment.
   Dagris is a company that invests in cotton businesses upstream from textile production. It has operations “spanning the entire cotton value chain.”
   Dagris’ central base of operations is in Africa and Central Asia where it said it concentrates “resources and know-how in four core business activities: cotton fiber and seed production, cotton fiber sales and quality control, production and sale of oil crops, and supply of logistical services.”
   Geocoton Holding will provide Dagris with management, operations and logistics support.
   CMA CGM, the world’s third-largest container shipping company, now lends its logistics expertise and international stature to Dagris. The group expects to develop strong transport synergies with Advens to benefit Dagris and advance the development of the cotton sector, promoting job creation in Africa.
   Alain Wils, general manager of CMA CGM, said: “This investment strengthens CMA CGM’s presence in Africa and enables us to extend the reach of our partnerships with African countries. Cotton promises to be a major export industry in the future, and CMA CGM will support the industry by making its global shipping coverage available.”
   Advens, a French agro-industrial group, mainly operates in Africa where it has oil crop manufacturing bases and logistics facilities.
   The companies involved in the deal said it will result in the first French agro-industrial group located in West and Central Africa and “shore up the cotton and peanut industries which provide a livelihood, both directly and indirectly, for 25 million Africans.”