TNT, Pos sign business deal

TNT, Pos sign business deal

SINGAPORE (AP): TNT, a unit of the Dutch postal services company TNT Post Groep NV, launched a pact Monday with PT Pos Indonesia to cooperate in express and international mail services.

The memorandum of understanding will strengthen TNT's position in the Indonesian market and expand PT Pos Indonesia's global reach, TNT's Singapore-based Asia regional office said in a statement.

TNT did not say how much money was invested in the deal.

TNT is a subsidiary of the Amsterdam-based TNT Post Groep, which had worldwide sales of 8.5 million euros (US$ 8.2 million) in 1999, the statement said.

Last March, the TNT Post Groep announced a joint venture with British Mail and Singapore Post to handle international mail.

PT Pos Indonesia's international express mail service currently serves 52 countries through overseas postal offices.