The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Transportation / Storage Warehousing And Support Activities For Transportation, Postal And Courier Activities Postal And Courier Activities 53 - Postal and courier activities
4,500 - 11,000 jobs Number of planned job losses
Announcement Date
16 September 2010
Employment effect (start)
Foreseen end date
31 December 2012
Description
Dutch express and postal company TNT NV announced that it plans to cut 11,000 at its mail unit, TNT Post, as it seeks to cut costs to offset declining mail volumes. The cuts will be made between 2010 and 2012 and will include up to 4,500 compulsory redundancies.
The Hoofddorp-based company had announced a month earlier that it intended to split its mail and express operations into separate companies because it no longer saw compelling reasons to keep them together.
The move followed sustained pressure from investors, who had argued that more value could be gained by breaking up the company rather than building a European mail network ahead of the full liberalization of the postal market scheduled for 2011.
TNT expects to complete the internal separation of the businesses by 1st January 2011, and to then focus on splitting the equity of the two companies.
Sources
16 September 2010: The Wall Street Journal
Citation
Eurofound (2010), TNT Post, Internal restructuring in Netherlands, factsheet number 70942, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70942.
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