Gefco had a record year in 2011, including around €3.8 billion in revenue and €223m in operating profit. As part of an asset disposal to raise cash for its automotive division (which is struggling under a negative cash flow), PSA is currently reviewing bids to sell a majority stake in Gefco, which has reportedly attracted offers from a number of private equity firms. Luc Nadal, Gefco’s managing director, said during a press conference earlier this month in Paris that details of the sale were likely to be announced in October.
Still, Gefco is unlikely to be spared the impacts of PSA’s planned restructuring in France as well as the OEM’s cost savings targets. The carmaker has already announced plans to stop production at its Aulnay factory, near Paris, in 2014 as well as to reduce production at a factory in Rennes. As well as €1 billion in planned cost savings for 2012, PSA has revealed further plans to save €1.5 billion by 2015, including €600m from reducing French-based production at Aulnay and Rennes, €500m in lower capital spending starting in 2013 and €350m in lowering production costs, half of which is expected to come from shared purchasing activities, including logistics, with General Motors.