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FedEx completes TNT takeover
[ May 26, 2016 // Chris ]After a year of behind-the-scenes activity, FedEx formally took over rival operator TNT Express on 25 May, described by FedEx president and chief executive David Bronczek as “a historic day in the history of these two great companies.”
FedEx also revealed that it would be moving its European headquarters to TNT’s base at Hoofdorp near Schiphol Airport, in the Netherlands, with president of FedEx Express Europe, David Binks taking over as chief executive of TNT Express.
But for the time being at least the two companies’ major air gateways will remain at Paris Charles de Gaulle, Cologne and TNT’s main hub, Liege in Belgium.
The combined company would have over 400,000 employees, and handle 12.5 million packages a year with a fleet of 130,000 road vehicles and 657 planes – assuming all people, business and assets are transferred to the combined entity.
Bronczek paid tribute to TNT Express chief executive Tex Gunning as “a truly outstanding leader”. Gunning has resigned as chief executive and member of the TNT Express executive board but will remain a member of the integration committee for the coming six months.
Meanwhile, Binks said, dealing with the acquistion and integration of the two companies “will take time” although the process would start immediately. However, both brands would be maintained for the foreseeable future.