TPG sells Dutch, French businesses
TNT Post Group (TPG), the Amsterdam-based mail, express and logistics group, Tuesday sold TNT International Mail, its cross-border business mail operations in the Netherlands, to Swiss Post International.
The sale was necessary for TPG to secure regulatory approval from the European Commission to approve a joint venture with the British and Singapore postal authorities.
The venture, known as Delta, marks the first time postal services from different countries have joined forces for letter delivery in direct competition with national authorities. It is now expected to search for a U.S. partner to achieve global reach.
TPG also has sold its French parcels business XP to French group Caravelle SA. The company, which has a staff of 1,000 , 800 vehicles and delivers 100,000 parcels a day, lost around 100 million francs ($12.9 million) on revenue of 1 billion francs ($129 million) last year. TPG will remain in the French express market through its wholly owned Jet Services unit.
