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PIN Group announces first unit closures

PIN Group

style=”font-size: 9pt; font-family: Arial; color: black; font-weight: normal;”>Insolvent Germanmail operator PIN Group announced the closure of a first unit in Germany and its subsidiary PINWest Mail, effective from March 1, 2008.

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style=”font-size: 9pt; font-family: Arial; color: black; font-weight: normal;”>As much as 582 jobsare to be cut in two German cities, while the company has already cut some 680 jobs in differentcities in Germany, said Bruno Kübler, financial administrator of the PIN Group holdingcompany.

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style=”font-size: 9pt; font-family: Arial; color: black; font-weight: normal;”>According to areport in the Financial Times Deutschland, PIN Group’s CEO is leading intense talks with investorsover the sale of the whole group and the spokesman said there was still hope for a successful deal.A few days ago Kübler declared that the closure and insolvency of several PIN Group units did notrule out the possibility of a sale of the entire company later. The units could then be integratedand the laid-off employees could get their jobs back.

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style=”font-size: 9pt; font-family: Arial; color: black; font-weight: normal;”>PIN Group employsaround 9,000 at 91 sites across Germany. For the insolvency it has filed 37 of its units with astaff of 7,000. The insolvency payments at a dozen of the mentioned units will stop from the end ofFebruary 2008.

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