TPG, Consignia, Singapore Post JV Begins
TPG news release: The new joint venture international business mail company set up between TPG, Consignia and Singapore Post has announced that it has officially started trading. The new company is built upon the global reach, systems, products and expertise in the field of international business mail of its parent companies and will deliver real benefits to international mailers all over the world.regulatory approval has been received from the European Commission and the relevant authorities in the US. “TPG has a 51 per cent holding in the new company with Consignia and Singapore Post both taking 24.5 per cent stakes. It is estimated that the company will have a turnover of close to EUR 450 million, with 1,500 employees serving more than 200 countries. The CEO of the new JV company is Theo Jongsma, formerly CEO of TNT International Mail. The new company will in the short term continue to trade under the TNT International Mail, Royal Mail and Singapore Post brands. It has its headquarters in Brussels, with three other regional offices located in New York, Amsterdam and Singapore, giving the company a truly global presence. Theo Jongsma, CEO said: ‘When we announced our proposals in March last year, we made some bold claims about what this company would be able to achieve. We are now in a position to deliver on those promises. By combining the skills, expertise and global reach of our parent companies we will be able to offer customers unrivalled quality of service, innovation and flexibility.’ Jongsma continued: ‘Gaining regulatory approval has taken longer than originally expected. However, the determination of the three partners to achieve EC approval and make the Joint Venture a reality is a sign of their commitment to establishing the new company which is set to become a major force in the international mail market.'”
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