TPG STARTS AUTOMOTIVE LOGISTICS JOINT VENTURE IN CHINA
TPG NV has started a joint venture with Shanghai Automotive Industry Corporation Group, to provide logistics services to the automotive industry in China.
The 50-50 partnership is expected to produce an annual turnover of euro 100 million, with more than 600 employees. The venture will provide finished vehicle distribution, inbound logistics and after-sales parts logistics.
Shanghai Automotive Industry Corp. is China's leading automotive company, employing 60,000 people in vehicle and parts manufacturing and producing 250,000 automobiles a year, through joint ventures with Volkswagen and General Motors.
'TPG is committed to building its operations in China as this is an important part of our global portfolio,' said Peter Bakker, chairman and chief executive officer of TPG.'
TPG N.V., with its two brands TNT and Royal TPG Post, provides mail, express and logistics services.