TPG buys out Turkish Logistics joint venture partner KOC

The mail, express and logistics company TPG N.V., through its subsidiary TNT Logistics Turkey, has signed an agreement to acquire full ownership of TNT Lojistik ve Dagitim Hizmetleri A.S by buying the remaining 50percent shares of the joint venture partner Koç Group. The joint venture is one of the leading logistics providers in Turkey and activities include warehousing, inbound logistics, container management and distribution.

TPG and Koç entered their partnership in July 2000 and due to a strategic re-orientation of its portfolio Koç decided to step out of the Logistics market. This buy-out is subject to the approval by the relevant competition authorities and is expected to close in September 2004.

TNT Logistics has already established a strong operation in Turkey and is committed to further expanding its business by taking advantage of the fast growing economy and great potential in the Turkish logistics market. As an example, TNT has already achieved a number 1 position in the Turkey automotive logistics sector.

TNT Logistics Turkey is also active in many other key industries, including tyres, FMCG and high tech. In 2003 the company had revenues of Euro 34 million. TNT Logistics Turkey has 765 employees. It operates from 9 warehouses with in total 88,000 m2 including a new, state of the art multi-user warehouse and distribution centre in Gebze. The head office is based in Istanbul and the company has 44 branches and 4 transfer centres throughout Turkey.

The Express division of TPG is also represented in Turkey and offers international and domestic Express, and specialist services.