CKB Logistic Acquires French Global Logistics Company Vallourec

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CKB Logistic Acquires French Global Logistics Company Vallourec

Wednesday, 27 Nov 2024

A subsidiary of PT ABM Investama Tbk (ABMM), PT Cipta Krida Bahari (CKB Logistics), has acquired Logistics Group, a subsidiary of Vallourec, a French company specializing in seamless tubular pipe solutions. Logistics Group operates under PT Citra Tubindo, Vallourec's entity in Indonesia, which focuses on threading and heat treatment services.

Based in Batam, Riau Islands, the company also offers integrated loading and unloading services at ports and within the logistics industry. This corporate action is expected to be finalized by the end of the fourth quarter of 2024, pending the necessary regulatory approvals to complete the transaction.

Hans Christian Manoe, Director of ABM Group, stated that the acquisition of Logistics Group by CKB Logistics will enhance ABM Group's business and contribute to increased productivity in the logistics sector in the future. "The acquisition of Logistics Group by CKB Logistics will facilitate the growth of ABM Group by creating efficiencies, boosting revenue, achieving economies of scale, and vertically integrating the company's operations," Manoe remarked on Tuesday, November 26, 2024.

Additionally, Iman Sjafei, Director of CKB Logistics, noted that this acquisition aligns with the company's business strategy, as both CKB Logistics and Logistics Group operate in the port loading and logistics sector. "The businesses of both companies share similarities, which is why we agreed to acquire Logistics Group. This will strengthen CKB Logistics moving forward. We anticipate that CKB Logistics will continue to grow and contribute to the logistics sector in Indonesia," Iman stated.

Vallourec will continue its operations at the port in accordance with the commercial agreement signed by both parties. Logistics Group is a leading logistics service provider in Indonesia, strategically located at the gateway to the Strait of Malacca and Singapore.

With over 40 years of experience, Logistics Group specializes in port logistics and stevedoring services, which include integrated logistics, loading and unloading, cargo handling, equipment rental, trucking services, warehousing, and shipping.

"The sale of Logistics Group further solidifies our objective of creating a more streamlined and agile organization. This transaction facilitates our efforts in deleveraging and raising cash for our shareholders. I would like to express my gratitude to the employees of Logistics Group for their commitment to embodying the spirit of excellence as part of Vallourec.

We look forward to continuing this new collaboration in the future," stated Philippe Guillemot, Chairman and CEO of Vallourec. (ferry@insightinnews.com)

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