Press Release

TPG fills logistics strategic gap in the Nordics with DSV A/S joint venture

Publish Date : 2 May 2002 at 14:48 CET - Mail, Express and Logistics company TPG N.V. announced today that through its division TNT Logistics, it has acquired a 50% stake in DFDS Transport Logistics (registered as DSV Logistik Holding A/S), a subsidiary of DSV A/S. The joint venture creates a leading logistics player in the Nordic region and fills a strategic white spot in TPG's European logistics activities.

DSV A/S is a transport, logistics and environment group, with a strong base in Denmark, Sweden, Norway and Finland. DSV A/S has recently restructured and separated its Nordic logistics business from the rest of the group. This separate entity is called DFDS Transport Logistics. DSV A/S will retain ownership of the remaining 50% of the company.

DFDS Transport Logistics employs some 700 staff and offers services in TNT Logistics' key strategic sectors of fast moving consumer goods, hi-tech and automotive. The company operates 40 multi-user warehouse sites totalling 300,000m2 in Denmark, Sweden, Finland and Norway. Its customers include major international and local companies in the Nordic region. Annual revenues in 2001 were approximately EUR 110 million. The joint venture will become one of the leading logistics players in the Nordic region and will trade under the name TNT DFDS Transport Logistics.

Roberto Rossi, TPG's Group Managing Director for TNT Logistics, says: ”The joint venture fills a white spot for TNT Logistics. The Nordic region is a key area of expansion for us. The region has above average growth for outsourced logistics and is also positioned as an entry point to the Baltics and the Russian markets. TNT Logistics brings to the joint venture a wide range of logistics expertise, know-how and customer relationships, which is expected to boost revenue growth and profitability of the company in the near future. Also, via the extensive European network of TPG, the company will be able to provide more extensive logistics services for its Nordic multinational clients across the Nordic region and throughout Europe.”

The joint venture is subject to approval by the appropriate competition authorities.

Page publication date: 2 May 2002 at 14:48 CET