TPG: No More Acquisitions in Germany This Year

Dutch mail and express company TPG NV said on Tuesday it did not plan to make any more acquisitions in Germany in 2003, even though it had said late last year it was considering buying a logistics business there. Chief Executive Peter Bakker told journalists that TPG was happy for now to have its management in Germany focus on a company-wide revamp of logistics operations. ‘I would not expect any acquisitions (in Germany) this year,’ he said. ‘We have 350 million euros ($403.2 million) in logistics revenue in Germany right now. That is enough business for them to work with now.’ TPG’s logistics business, which is the world’s second largest after Exel Plc, dragged down the group’s first-quarter earnings and offset record growth at its express arm. It has identified logistics operations in France, Germany and Italy as weak links and is putting them through rigorous standardisation programmes, which it expects will make them more profitable.” (Source: Reuters: Karl Emerick Hanuska reporting)