TNT buys Brazilian express leader
TNT, fresh from selling off its logistics and freight management units, has acquired Brazilian domestic express company Expresso Merc'rio S.A. for an undisclosed amount.
TNT said Merc'rio leads the Brazilian domestic express market with a market share of 15 percent and projected 2006 revenues of about 190 million euros ($246.4 million). The company employs more than 6,000 staff and has a well-developed network with 101 depots and 2,044 vehicles.
'This transaction adds to TNT's strategic objective to become number one in selected emerging markets,' said Marie-Christine Lombard, group managing director of TNT's express division.
'Merc'rio's cross-border network provides us with an excellent opportunity to grow and expand even further throughout South America. We are especially pleased with the trust the current management of Merc'rio have displayed by remaining with the company,' Lombard said.