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TNT to purchase key Chinese logistics firm
(Xinhua)
Updated: 2005-12-10 09:43
Dutch postal and logistics company TNT has said that it plans to purchase a
leading Chinese logistics operator in an effort to increase its presence in the
huge market.
Upon completion of the acquisition process by the end of next year, TNT will
become the largest privately owned transportation network for freight and
parcels in China, said Kenneth S. McCall, chief executive of TNT China, here in
Shanghai.
TNT has signed a Letter of Intent for the deal with China's leading freight
and parcels transportation service provider HOAU Logistics Group, but the
detailed financial schemes are yet to be negotiated.
TNT China, with its regional headquarters in Shanghai, already operates the
largest distribution network, with 140 operating centers in over 600 cities
across the country.
Established in 1995, HOAU, based in northeast China's Heilongjiang Province,
has the largest privately owned road transportation network in China and is
currently one of the leading road transportation companies of freight and
parcels.
It has some 1,100 operating centers in the country and serves over 170,000
clients in express consumables, accessories, household appliances, medicine,
high-tech products and other fields.
Wang Zhenhua, president of HOAU, said he is confident in the company's future
as TNT will have more advantages in brand effect, human resources, equipment and
service channels.
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