TNT Logistics to oversee North American distribution for Michelin
GREENVILLE, S.C. (July 25, 2002) — Michelin North America has signed a six-year, multi-million dollar agreement with TNT Logistics North America under which TNT will operate Michelin’s network of tire distribution centres in the United States and Canada.
Dave Kulik, president and CEO of TNT Logistics North America, whose division will manage the distribution network said the size and scope of this agreement “exceeds the largest contract TNT Logistics North America has to date, outside of our automotive business unit.”
The deal calls for TNT Logistics to acquire certain operating assets, invest in new equipment and technology, and offer employment to about 600 Michelin workers at the tire-maker’s18 distribution centres. While specific financial terms of the agreement were not disclosed, Michelin indicated that it could realize a capital gain of about $26 million US on the sale of certain distribution centres to a joint venture managed by Lexington Corporate Properties Trust.
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