TNT Express mail company to cut 4,000 jobs
After UPS takeover fails, TNT Express to restructure, cut 4,000 jobs
AMSTERDAM (AP) -- TNT Express NV, the Dutch-based package delivery company, says it will restructure operations, taking €150 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 €5.2 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 €3.25 billion.
TNT said Monday it will dispose of its Brazilian and Chinese operations.
In 2012 the company posted a net loss of €83 million on revenues of €7.33 billion. Former Chief Executive Marie-Christine Lombard departed before the takeover process was complete and CFO Bernard Bot is acting as interim CEO.
