TNT acquires LIT Cargo of Chile
TNT gains strong position in Chilean domestic express market, a key platform for expansion in South America
Amsterdam, 16 February 2009 – TNT announces the acquisition of 100 per cent of LIT Cargo, a leading express delivery company in Chile. The acquisition gives TNT a strong nationwide road network in Chile and strengthens its position in the country’s domestic express delivery market. Furthermore, it adds a key building block to the development of its South American Road Network (SARN), linking Chile to Brazil and Argentina. The acquisition fully fits with TNT’s strategy to become the intra-regional express leader in South America and to leverage this regional strength to grow intercontinental flows.
Created in 1952, LIT Cargo is a family-owned, profitable road express company with 1,500 employees. The company operates a nationwide, highly automated express parcel network, comprising of 55 depots and 496 vehicles. LIT Cargo’s compound annual revenue growth of 25% over the past three years has outpaced that of the Chilean market. The company serves several key vertical markets, including automotive, pharmaceuticals and high tech.
Marie-Christine Lombard, Group Managing Director Express, member of TNT’s Board of Management, said: “TNT is on its way to becoming the intra-regional express leader in South America. We are developing strong operational platforms in Chile and Brazil to offer customers an integrated portfolio of domestic, cross border and intercontinental services.”