CEVA AND EGL FINALIZE MERGER

Logistics Insight Asia, 1/11/2007

EGL is now a wholly owned, indirect subsidiary of CEVA following the merger between the two companies. EGL’s former shareholders received US$47.50 per share in cash, valuing the dealat approximately $2 billion.

“CEVA Logistics and EGL have partnered to create the fourth largest supply chain company in the world. CEVA’s contract logistics and EGL’s freight management activities come together in a combined company that offers powerful integrated and competitive end-to-end supply chain solutions for our customers around the globe. The new organization will operate under one brand: CEVA,” read the announcement.

CEO Dave Kulik commented, “I am delighted about the merger between CEVA and EGL. Our combined companies can offer customers a portfolio of world class supply chain management services globally, while maintaining our commitment to operational excellence and customer orientation.”

CEVA (formerly known as TNT Logistics) designs, implements and operates complex supply chain solutions on a national, regional or global scale for multinational and large local companies. For fiscal year 2006, CEVA generated sales of 3.5 billion euros (US$5 billion)

With 2006 revenues of $3.2 billion, EGL’s services include air and ocean freight forwarding, customs brokerage, local pickup and delivery service, materials management, warehousing, trade facilitation and procurement, and integrated logistics and supply chain management services.