New Zealand Post and Salmat Limited of Australia – Joint Venture Proposal Confirmed

New Zealand Post and Salmat Limited of Australia confirmed today that they will proceed with a joint venture proposal for unaddressed mail distribution in New Zealand.

The two companies said Paul Forno, the current General Manager of Letterbox Channel, has been appointed Chief Executive of a 50:50 joint venture company.

As announced on 6 August 2007, the joint venture will bring together Letterbox Channel and Deltarg, the current unaddressed mail subsidiaries of New Zealand Post and Salmat respectively. The Commerce Commission gave regulatory clearance in September.

Letterbox Channel and Deltarg will continue their current business activities until a full operational merger between them and launch of a new, combined business during the first half of 2008.