Gefco stays slient over Peugeot reports

Commercial Motor

February 21, 2012

Gefco has declined to comment over media reports that its owner PSA Peugeot Citroën is looking to sell an undisclosed stake in the car transporter and logistics firm.

While earnings grew 12.9% at Gefco and operating income increased 12.6% to €223m (£187m) in its recent annual results, Peugeot’s main car -making business missed its target of breaking even in 2011.

Peugeot is carrying €3.4bn of debt, up from €1.6bn in 2010, and the sale of a stake in Gefco, alongside property disposals and the launch of new car models this year, are key to tackling this.

Gefco recently landed a deal with Chevrolet to manage its finished vehicle logistics deliveries to 33 dealerships throughout the UK and Northern Ireland.

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