PIN Group in talks with 3 possible buyers for whole company
German postal service provider PIN Group is in talks with three possible buyers for the company, which include regional competitors as well as newspaper publishers, chief executive Horst Piepenburg said.
None of the interested parties are foreign financial investors, he said, according to Die Welt newspaper.
The group ran into trouble when Axel Springer AG in December stopped funding PIN after the German government decided to introduce minimum wages to the postal industry. Now 39 of its 91 units have filed for insolvency.
About one quarter of the company’s 11,400 workers have already lost their jobs, while another 500 jobs were saved through the sale of three regional units.
While management is in talks to sell the rest of the company as a whole, it is also pursuing a possible sale of regional or local segments and it in talks with numerous parties including newspaper publishers.
German postal service provider PIN Group is in talks with three possible buyers for the company, which include regional competitors as well as newspaper publishers, chief executive Horst Piepenburg said.
None of the interested parties are foreign financial investors, he said, according to Die Welt newspaper.
The group ran into trouble when Axel Springer AG in December stopped funding PIN after the German government decided to introduce minimum wages to the postal industry. Now 39 of its 91 units have filed for insolvency.
About one quarter of the company’s 11,400 workers have already lost their jobs, while another 500 jobs were saved through the sale of three regional units.
While management is in talks to sell the rest of the company as a whole, it is also pursuing a possible sale of regional or local segments and it in talks with numerous parties including newspaper publishers.
