TNT BUYS STAKE IN FRENCH FIRM
TNT Post Group, parent company of express carrier TNT and the Dutch post office, has acquired a majority stake in Mendy Developpement, a French logistics company in business since 1950.
Terms were not disclosed. Mendy had $42 million in sales last year. TNT said it will buy the remaining 40 percent of the company's shares in coming years.
Based in Benesse-Maremne, Mendy specializes in managing and distributing automotive components to plants in northern France, the Seine valley and Spain. TNT gains a contract with Renault, Mendy's largest customer.