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Gefco to set up in Hungary

France-based Gefco Group, a 100%-owned subsidiary of the PSA Peugeot Citroen Group and one of Europe's leading logistics service providers, is in the process of registering a Hungarian company and hiring staff, President and CEO Louis Defline and local top executive designate Sébastien Haulet announced. Entering the Hungarian market is part of the conglomerate's large-scale expansion plan in the CEE region, with a Romanian subsidiary to be established in 2005 and several more to follow over the next three years. Slated to become operational in early 2006, the Hungarian office will initially engage subcontractors as opposed to relying on its own resources. Currently, Gefco is present in eight CEE countries, a market seen by the parent company as very promising with turnover in the region predicted to jump from Euro 70 million last year to Euro 300 million in 2008. (Vg 1) P.P.