TPG SETS UP AUTOMOTIVE JOINT VENTURE IN CHINA

TPG SETS UP AUTOMOTIVE JOINT VENTURE IN CHINA    TNT Post Group, parent company of the Dutch post office and logistics and express company TNT, has signed a letter of intent with Shanghai Automotive Industry Corp. Group to set up an automotive logistics joint venture in China.
   The joint venture, called An Ji TNT Automotive Logistic Co., plans to offer inbound logistics management, finished vehicle distribution services and after-sales parts support to China’s growing automotive industry. TPG said the joint venture, expected to be operational in June, marks a major win for the company in a key emerging market for logistics companies worldwide.
   “The Chinese automobile market will be one of the biggest in the world,” said Carel Paauwe, TPG’s group managing director.
   TPG said it won the deal with SAIC over several other international logistics organizations. The company expects to invest about $30 million. Ownership will be shared equally.
   “The target clients will include foreign joint venture automobile and parts manufacturing    companies, as well as local manufacturers in China,” said Fushing Pang, TPG’s vice president of business development in Asia.