Automotive Logistics Joint Venture of TNT Logistics in China opens for business
12 June 2002 - 15:26 CET
TPG announced today the start of operation of their joint venture with Shanghai Automotive Industry Corporation Group (SAIC) dedicated for automotive logistics service in China. The grand opening ceremony is being held in Shanghai today. TPG and SAIC will own an equal 50% in the joint venture.Shanghai Automotive Industry Corporation is China's leading automotive company, employing more than 60,000 people in vehicle and parts manufacturing and producing 250,000 automobiles per year, through joint ventures with Volkswagen and General Motors.
The joint venture will provide world-class logistics services to the automotive industry in China by offering state-of-the-art logistics technology, solution design and implementation. China is regarded as an important growth market for TPG. The joint venture will become one of the key players in China's automotive logistics industry.
The joint venture, one of the largest foreign investments to date in China's logistics service, is expected to produce an annual turnover of EUR100 million with over 600 employees. This joint venture is the leader in China in finished vehicle distribution and will provide inbound logistics and after-sales part logistics.
Peter Bakker, Chairman and CEO of TPG, who attended the opening ceremony, said: "TPG is committed to building its operations in China as this is an important part of our global portfolio. We believe that this partnership with SAIC is a great opportunity for both companies."
Mr. Roberto Rossi, TPG's Management Board member for Logistics, said: "We now have an excellent facility to serve our global customers in China. With China increasingly becoming a key international manufacturing base, TNT Logistics is happy to broaden its coverage in the country. Furthermore, this joint venture enlarges our world-wide footprint and substantially enhances our presence in the global automotive industry."
