Mergers and acquisitions
Gefco has bought Moroccan road haulage company GLT for an undisclosed sum in a move designed to strengthen its service between Europe and Morocco, including for the automotive industry. Gefco’s division in Spain will own and manage GLT.
GLT has been operating as a specialist in logistics flows through the strait of Gibraltar for almost two decades and is a leading operator through the gateway between Tangier and Algeciras in Spain, with onward services to Irun in northern Spain. It supports customers in the automotive and fashion industries and makes 16,000 crossings a year with a fleet of 75 trucks and 380 trailers. Last year, it had a turnover of around €35m ($42m).
At the same time, Gefco has been operating between Europe and the Maghreb countries in north Africa. It serves tier one inbound and outbound channels in Morocco, as well as the import and export of finished vehicles. It also has operations in Algeria and Tunisia.
Gefco said the acquisition of GLT would enable it to strengthen its position in the region and widen its customer base.
“GLT is a strategic add-on to our network and capabilities,” said Luc Nadal, chairman of the management board at Gefco. “After the successful integration of IJS in 2015, the acquisition of GLT also reflects our capability to accelerate the profitable development of Gefco through selected acquisitions.”
Nadal noted that Morocco had a fast-growing industrial sector and offered excellent prospects for Gefco.
“Some of our main customers in automotive, aeronautics, retail and industry are already investing heavily in the country to increase their production capacity, thereby generating the need for logistics support and reliable solutions,” said Nadal. “By capitalising on GLT’s know-how, we will be in the best position to seize the opportunities offered by these fast-scaling businesses.”
Cristina Orbea, CEO of GLT, said her company was delighted to be joining Gefco. “We are confident that the combination of our knowledge and experience will ensure a better service for clients of the two companies and create the conditions for our businesses’ future growth,” she said.