TPG, Styria form Austrian mail delivery jv
AMSTERDAM, Aug 30 (Reuters) – Dutch postal, express and logistics company TPG NV (TPG)(NYSE:TP – news) said on Thursday it had formed a mail delivery joint-venture, named Redmail, with unlisted Austrian publishing group Styria Medien AG.
The joint venture between TPG’s unit Gfw GmbH and Styria’s subsidiary PMS GmbH & Co KG would offer mail delivery in Austria, and was expected to achieve annualised turnover of 56 million euros in 2001, TPG said in a statement.
“Redmail will provide TPG with a strong foothold in the mail distribution market in Austria. The joint venture is in line with TPG’s international expansion strategy,” the company said.
The joint venture still had to be approved by Austrian competition authorities.
TPG, which operates under brand names such as TNT and CTI Logistx, ranks among the world’s largest logistics companies.
