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TNT Express mail company to cut 4,000 jobs
Monday - 3/25/2013, 2:20pm EDT
AMSTERDAM (AP) -- TNT Express NV, the Dutch-based package delivery company, says it will restructure operations, taking EUR150 million ($195 million) in charges and cutting 4,000 jobs, or 6 percent of its work force, by the end of 2015.
The news comes after a proposed EUR5.2 billion takeover by United Parcel Services Inc. was blocked by European regulators in January because the combined company would be too dominant in European express mail. At Friday's close, TNT's market capitalization had slumped to EUR3.25 billion.
TNT said Monday it will dispose of its Brazilian and Chinese operations.
In 2012 the company posted a net loss of EUR83 million on revenues of EUR7.33 billion. Former Chief Executive Marie-Christine Lombard departed before the takeover process was complete and CFO Bernard Bot is acting as interim CEO.
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