WALLENIUS, TPG, AUTOLOGIC ACQUIRE RENAULT SUBSIDIARY
A consortium formed by Wallenius Lines, TPG and AutoLogic have agreed to acquire Renault's automobile logistics subsidiary, Compagnie d'Affretement dt de Transport (CAT).
The three partners of the consortium, called Albateam, will acquire 80 percent of CAT, while Renault will retain a 20-percent stake. The acquisition is conditional upon final approval by the European Commission.
CAT will be the “platform for Albateam to meet the needs created by the rapidly evolving consolidation of the global vehicle manufacturing industry,” the consortium said. That consolidation is driving the need to reduce costs of the finished vehicle and spare part supply chain by improving inventory velocity and logistics network innovations.
CAT reported revenue of euro 1.2 billion in 2000. Its business is divided between new vehicle logistics, which accounts for 65 percent of revenue, and general cargo and international business, which comprises 36 percent of revenue. About two-thirds of CAT's staff is based in France, and the company is well established in Europe through 13 subsidiaries, as well as in Brazil, Mexico and Argentina.
Wallenius Lines operates through two joint ventures, UECC, an operator of short-sea vessels in Europe, and Wallenius Wilhelmsen, a roll-on/roll-off pioneer which serves the automobile industry through its pure car truck carriers, ro/ro and container-ro/ro vessels. TPG provides mail, express and contract logistics services and, through its TNT logistics division, has specialized in automotive spare parts logistics. AutoLogic is a European-based provider of finished vehicle transport and technical services.