JACKSONVILLE, Fla.— John Pattullo, chief executive officer of Ceva Logistics, announced plans to grow the global contract logistics firm into a $14 billion business by 2010. That goal will require a 15% year-on-year increase.
Ceva Logistics, which combines the European contract logistics arm of TNT with the U.S. freight forwarder EGL, is majority owned by Apollo, a U.S. private equity firm.
EGL is strong in the U.S., while TNT has solid business in Europe and Asia. The rebranded Ceva Logistics has 52% of its market share outside Europe.
Pattullo noted that Ceva Logistics will establish a “global task force” to pursue multi-million-dollar outsourced logistics contracts.
The CEO said that the 15% revenue “stretch goal” is achievable. “We are in markets with growth rates that are easily in double digits,” he said.