Anji Automotive Logistics and Ceva Logistics have renewed a Chinese joint venture agreement dating back to 2002, while also expanding the JV’s business scope to include non-automotive contract logistics.
The original deal was signed between Anji, China’s largest automotive logistics provider, and US-listed TNT Logistics, prior to its acquisition and rebranding to Ceva by private equity group Apollo.
Anji-Ceva Automotive Logistics – now renamed Anji-Ceva Logistics – is the largest contract logistics provider in China with a revenue close to $1 billion in 2016 and more than 15,000 employees, according to a joint statement.
The contract between the parties has been renewed for 15 years and the expanded relationship will initially focus on industrial and aerospace, technology, consumer and retail, and e-commerce sectors.
“It is an ambitious and exciting step forward in this longstanding and successful collaboration between the two companies, which will enable Anji-Ceva to diversify its revenue sources into other sectors,” said the two firms in their statement.
The renewal and name change are subject to filing with government authorities and renewal of business licences.