Ceva Logistics postpones NYSE float

CEVA MAN truck

Ceva Logistics has postponed its proposed float on the New York Stock Exchange (NYSE) as it looks to restructure its balance sheet and stem its shrinking profits. In May 2011, Ceva, which is owned by affiliates of Apollo Global Management, revealed its intentions to file for an initial public offering (IPO) on the NYSE. However, yesterday it reported a 22% fall in annual pre-tax profit which its chief executive Marvin Schlanger labelled “not good enough”. Speaking to MotorTransport.co.uk, Rubin McDougal, chief […]