TPG to cut 5,000 workers, citing volume drop

Dutch postal and logistics company TPG NV said Wednesday it will eliminate 5,000 jobs through attrition in the next five to eight years because of expected declines in mail.

Mail volumes are expected to fall about 20 percent over the period because of alternative delivery methods, the company said.

TPG, which employs about 30,000 postal delivery workers, said the job cuts are expected to save the company about dlrs 281 million a year. If mail volume slips 1 percent, earnings before interest and taxes will fall by dlrs 14 million, it said.