German publisher Madsack buys PIN Mail in Hanover
PIN Group has sold a key subsidiary “PIN Mail Hannover GmbH” in Hanover, Germany, to the German publishing group Madsack GmbH & Co. KG for an undisclosed sum.
The insolvency administrator of PIN Holding, Bruno M. Kübler, announced that Madsack had agreed to take over the company’s 156 employees.
PIN Group had already sub-contracted mail transport in the region of Hanover to Madsack which will become its direct contractual partner with the takeover. The regional PIN network will thus be preserved within the nationwide network of the company, PIN Group said in a statement.
“The takeover through Madsack will further strengthen the strong key region,” Kübler pointed out. “The sale shows that individual PIN subsidiaries are valuable, efficient companies working in a profitable market.” He added that strong key regions in a nationwide network were an important signal also in terms of selling major parts of the PIN Group to an investor.
