TNT acquires Chilean cargo company
TNT has acquired LIT Cargo, a privately-owned company with 1,500 employees, 496 trucks and 55 depots across Chile. The carrier serves the automotive, pharmaceuticals and high tech markets.
TNT has acquired LIT Cargo, a privately-owned company with 1,500 employees, 496 trucks and 55 depots across Chile. The carrier serves the automotive, pharmaceuticals and high tech markets.
The acquisition “adds a key building block to the development of (TNT’s) South American Road Network, linking Chile to Brazil and Argentina,” a company statement said.
TNT has yet to state how much they have paid for LIT Cargo.
The $215m-a-year Chilean express market is expected to grow by 21% a year for the next five years, TNT said.
The South American market, valued at about $2.85bn in 2007, has posted double-digit growth over the past few years and will continue to grow, albeit at a slower rate, through 2009, it said.
TNT said it plans to leverage its regional Latin American business to grow intercontinental traffic.
