Tag: PIN Group AG

Agreement reached on minimum wages for postal workers in Germany

Posted by | Sep 5, 2007 | |

The German employers association of postal services said it and Ver.di trade union have agreed on a minimum wage for the industry, with postmen getting 9.80 eur an hour in western Germany, and 9.00 eur in the east.

All other workers in the sector, such as those in back-offices, will be paid 8.40 eur an hour in western Germany, and 8.00 eur per hour in the east.

The wage agreement will be effective from Oct 1, and can be cancelled on April 30, 2010, at the earliest.

Under the deal, minimum wage rates in eastern Germany will be be replaced by those applicable in western regions from Jan 1, 2010.

Deutsche Post’s main competitors TNT NV’s TNT Post and PIN Group AG are not member in the employers association of postal services and have recently set up their own group.

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Germany's Sparkassen in talks with Pin Group for possible in-branch mail service

Posted by | Jul 7, 2007 | |

Germany’s Sparkassen savings banks are currently in talks with Luxembourg-based carrier service Pin AG over a possible cooperation which may include offering postal services at Sparkassen branches, reported Spiegel magazine, citing a spokesman for the DSGV, the German savings bank association.

‘It is true that on a regional level talks are going on about a possible cooperation,’ the spokesman told the magazine.

At this point it is still open as to what form the agreement could take, but the report speculated that the DSGV might be looking into offering a service to compete against rival Deutsche Postbank AG and its parent company Deutsche Post AG, which offers customers postal services at its branches.

The report said it was also not clear whether Sparkasse or Pin AG employees would operate such a service.

Earlier this week, German media house Axel Springer AG bought a controlling share in Pin AG, raising its holding in the mail service provider to 71.6 pct from 23.5 pct.

Pin AG chief executive Guenter Thiel has said that his company plans to have a branch network as large as that of Deutsche Post’s by mid-2008.

The company handles about 2.3 mln mailings a day and expects to more than double its annual sales this year to 350 mln eur.

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Axel Springer buys PIN stake for 510 mln eur

Posted by | Jun 28, 2007 | |

Axel Springer AG said it agreed to buy a stake in PIN Group AG from WAZ Media Group, Georg von Holtzbrinck Publishing Group and Rosalia AG for 510 mln eur.

The transaction will raise its holding in the mail service provider to 71.6 pct from 23.5 pct currently.

The deal is pending approval by the German Federal Cartel Office.

The sellers as well as Madsack Publishing Group will remain shareholders and cooperation partners of PIN Group, Axel Springer said.

The company plans to integrate other regional postal service providers into PIN Group until September, which will add more shareholders, thereby reducing Axel Springer’s stake in PIN Group to 63.7 pct.

According to a separate statement by PIN Group, one of the regional firms to be integrated is West Mail Hokding GmbH.

‘In only one and a half years, PIN Group has managed to become the leading service provider in the national letter develivery market after Deutsche Post,’ said PIN Group CEO Guenter Thiel in the statement.

‘After building up the company in Germany, the focus is now on profitable organic growth and further expansion.’

PIN Group was founded in 2005 by Axel Springer, WAZ Media, Georg von Holtzbrinck Publishing and Luxembourg-based Rosalia by bundling their respective mail service operations.

The company handles about 2.3 mln mailings a day and expects to more than double its annual sales this year, to 350 mln eur.

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