Deutsche Post DHL has done an outstanding job asserting itself in the marketplace in recent years. We are the market leader in the German mail business and the world leader in nearly all of our logistics activities, a position that offers us long-term growth prospects. We have built up a strong global presence, and there is hardly a company in our industry that can match the broad spectrum of products and services we are able to offer our customers. In the past we strengthened our competitive position through acquisitions; for the last three years we have done so primarily through organic growth.
The global recession affected the entire logistics sector along with many of our customers in 2009. However, we did not remain passive. Our Group took advantage of the past two years to answer key strategic questions.
For our former subsidiary, Deutsche Postbank AG, we found a reliable partner for the future in Deutsche Bank. We will now focus on our core competencies in our mail and logistics businesses.
We restructured our US express business in order to reduce our losses there and mitigate risk for the Group. In this market, we will also be concentrating on our core competencies: shipments to and from the US.
In addition to these two key strategic decisions, we successfully implemented an extensive cost reduction programme, thus laying the foundation for our company to emerge from the current global crisis stronger than before and to achieve sustainable and profitable growth.