TNT Post Group N.V. (TPG) with its two brands TNT and PTT Post is a global provider of mail, express and logistic services. With this acquisition, TPG strengthens its strategy to be the European market leader in mail, express and logistics. Jet Services, founded in 1973, with headquarters in Lyon, is a leading company and pioneer in domestic Express in France, one of the countries in the core of the European Express market. This acquisition gives both companies a unique opportunity to strengthen their position in France as well as in Europe. The acquisition enables TNT to benefit from Jet Services' impeccable reputation, dense network and strong, wide and longstanding customer base in France. Jet Services will reinforce its European network and gain access to a global network. Customers from both TNT and Jet Services will benefit from a denser network and a wider range of high quality express services.
JET SERVICES
Jet Services' total revenue reached FRF 1.975 billion (NLG 664 million) in 1997 (financial year ending 31 March 1998). More than 93% of the revenue was generated in France, with an operating profit of FRF 175 million (NLG 59 million). In early 1998, Jet Services considerably reinforced its position in Germany with the acquisition of Nacht Verteiler Service (NVS) which provides in-night domestic express products. NVS total revenue reached FRF 520 million (NLG 175 million) in 1997. Due to this acquisition Jet Services' total revenue is expected to reach nearly FRF 3 billion (NLG 1 billion) in 1999.
Jet Services has 2,850 employees working for 35,000 customers in France, Germany, Belgium, the Netherlands, United Kingdom, Hungary and Switzerland. Every day Jet Services processes 350,000 express items using an extensive road network and three aeroplanes. Jet Services has 120 depots in Europe, of which 94 are in France.
CONTINUITY OF MANAGEMENT
Mr Roger Caille, a recognised industry leader and pioneer in domestic express services and founder of Jet Services, will remain in charge. Jet Services will retain its identity and strong brand name. The headquarters of Jet Services will remain in Lyon.
ADDITIONAL INFORMATION
The acquisition is expected to be neutral in 1999 and accretive there after.
The Merger Task Force of the European Commission will be notified of the acquisition.
