Deutsche Post AG said it is selling its McPaper subsidiary to management for an undisclosed sum, effective Jan 1 2006.
McPaper, which sells stationary, has annual sales of around 100 mln eur. Deutsche Post said no job losses will result from the sale.
Read MoreDeutsche Post AG said its supervisory board has extended the contract of the company’s chief financial officer, Edgar Ernst, for a further five years until the end of 2010.
Ernst, 52, has been CFO since 1992 and in a top management position with Deutsche Post since 1990.
He has played a key role in the privatisation and internationalisation processes at the company, Deutsche Post said.
Read MoreLockheed Martin said Thursday that it has been awarded a USD26 million deal by the U.S. Postal Service to provide the agency with 1,200 wide field of view cameras. The cameras will be used for reading bar codes and optical characters at post offices nationwide.
Read MoreThe Belgian government has officially mandated Morgan Stanley to collect bids for a strategic partnership with Belgian post office company La Poste. The Belgian government is looking for an operational partner, which is ‘committed and financially stable’, to develop and expand the activities of the state-owned company.
Read MoreThe Belgian government, full owner of De Post, officially launched the sale of a majority stake in the national mail group on December 8. Interested parties can request a sales memorandum from investment bank Morgan Stanley, which acts as consultants. Dutch TPG has shown an interest in the stake, as has German rival Deutsche Post, French sector peer La Poste, British Royal Mail and Swiss Post.
Read MoreCeska posta, the Czech Post Office, will raise the prices of key services as of February next year, spokesman Ladislav Vancura told CTK today.
The price of stamps on letters and postcards will grow by Kc1 to Kc7.50. Experts said the price increase would raise both sales and net profits for the Post Office.
“Demand for this type of services is not elastic in terms of prices, that is, a price change does not result in a remarkable change in demand,” Colosseum analyst Stepan Pirko told CTK.
Ceska posta ended last year with net profits of Kc700 million, a growth from Kc392 million a year earlier.
Read MoreAn Post management was last night preparing to sue the postal workers’ union to recover revenue lost through yesterday’s one-day official strike.
A total of 93 post offices, all of them large offices run totally by An Post, were closed by yesterday’s action, though more than 1,200 sub-offices remained open.
A well-supported protest march by An Post workers, who were joined by retired colleagues, caused disruption in Dublin city centre yesterday.
High-powered lawyers will be engaged by An Post in a bid to recover assets from the Communications Workers’ Union (CWU). The tough stance taken by management, in addition to withholding pay rises for 9,000 staff and some An Post pensioners, will increase the workers’ annoyance when the union’s executive meets today.
Read MoreDeutsche Post and TPG have both expressed their interest in the Belgian postal service, which is set to be partially privatised. The Belgian government has appointed Morgan Stanley for the search for a strategic partner. Deutsche Post chairman Klaus Zumwinkel sits on the Morgan Stanley board, which worked together with Deutsche Bank to float Postbank on the stock market.
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