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TNT Express announces intended sale of TNT Fashion Group B.V. to a consortium of Belspeed and Netlog Group
Publish Date : 11 March 2014 08:00 CET -
TNT Express N.V. announces the intended sale of its specialist fashion supply chain business TNT Fashion Group B.V. to a consortium formed by Belspeed and Netlog Group. The intended sale is subject to consultation of the works council of TNT Fashion Group B.V. and regulatory approval.
The intended sale of the Dutch operations of TNT Fashion (TNT Fashion Group B.V.) is part of TNT Express' strategy to focus on core activities. The UK operations of TNT Fashion are being integrated with TNT Express UK and Ireland.
Headquartered in Oldenzaal, the Netherlands, TNT Fashion Group B.V. offers supply chain services for the fashion and lifestyle industry, including warehousing, packing/repacking, distribution, retailing and e-fulfilment services. TNT Fashion Group B.V. employs 660 people.
Created in 1983, Belspeed is one of the leading fashion and lifestyle logistics companies in Belgium with revenues of €35 million and 350 employees. Created in 1994, Netlog is one of Turkey's largest logistics and transport companies with revenues in excess of $500 million and 4,500 employees.
The combination will be a strong player in the European fashion and lifestyle supply chain market and will benefit from Netlog's capabilities in the Middle East and Asia.
The new owners will retain the acquired business as a separate legal entity. The sale process will not affect the terms and conditions of agreements with customers and suppliers. No material changes in the workforce are expected as a direct result of the transaction.
The transaction is expected to be completed at the end of the second quarter of 2014.
TNT Express will continue to offer express delivery services to its customers in the fashion, lifestyle and retail industries.
About TNT Express
TNT Express is one of the world's largest express delivery companies. On a daily basis, TNT Express delivers close to one million consignments ranging from documents and parcels to palletised freight. The company operates road and air transportation networks in Europe, the Middle East and Africa, Asia-Pacific and the Americas. TNT Express made € 6.7 billion in revenue in 2013.
Cyrille Gibot
E-mail: cyrille.gibot@tnt.com
Andrew Beh
E-mail: andrew.beh@tnt.com
Michiel van der Harst
E-mail: michiel.van.der.harst@tnt.com
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