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I N I to sell freight management division
Page 19
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EXPRESS DELIVERY company TNT says it is to sell off its freight management division to focus on its core activities.
Following the sale of its logistics business to venture capitalists earlier this year, TNT is now ridding itself of its freight management arm to concentrate on its mail and express network distribution.
A TNT spokesman explains: "It is TNT's strategy that non-express and mail services are divested. It is in our core activities that we have the best growth opportunities."
TNT Freight Management was originally part of Wilson Logistics, which was purchased in 2004 It employs 2,300 people in 28 countries and represents around £537m in annual revenue.
Peter Baker, CEO of TNT, believes the business unit would benefit from a different corporate environment. TNT says that after initial exploration there is a strong interest in the business, but has so far declined to comment further,
• TNT's third-quarter results show group revenues up 9%, with a 31.3'. increase in operating income at its Express division.This has resulted in a profit increase of 5°,., bringing the total to £113.5m ( 169m). Its European Mail Network (EMN) revenue growth has also risen 25°6. though it has incurred higher costs because of acceleration in capacity growth.TNT states this is 'good strategic progress'.