Troubled German private mail company PIN Group has sold a key subsidiary “PIN Mail Hannover GmbH”in Hanover, Germany, to the German publishing group Madsack GmbH & Co. KG for an undisclosed
sum.The insolvency administrator of PIN Holding, Bruno M. Kübler, announced that Madsack hadagreed to take over the company’s 156 employees.
PIN Group had already sub-contracted mail transport in the region of Hanover to Madsack whichwill become its direct contractual partner with the takeover. The regional PIN network will thus bepreserved within the nationwide network of the company, PIN Group said in a statement.
“The takeover through Madsack will further strengthen the strong key region,” Kübler pointedout. “The sale shows that individual PIN subsidiaries are valuable, efficient companies working ina profitable market.” He added that strong key regions in a nationwide network were an importantsignal also in terms of selling major parts of the PIN Group to an investor.
