TNT Express stops sale of Brazilian business
TNT Express will keep its Brazilian transport business that the Netherlandsbased logistics company was trying to sell after talks with potential bidders failed.
March 6, 2014
TNT Express will keep its Brazilian transport business that the Netherlandsbased logistics company was trying to sell after talks with potential bidders failed. “There was interest in the business, but ultimately not an acceptable price or conditions,” TNT said in a statement. “As a result of turnaround measures already taken, the unit has achieved first-rate service performance, generated new revenues and sharply reduced losses.”
From 2012 onwards TNT has been selling non-European assets, defining them as ‘non-core’. It has sold its unprofitable domestic road freight business in China, its Indian business and reduced its air freight capacity by selling aircraft. It retains an international express business out of China and its domestic business in Australia.
TNT is reorganising after United Parcel Service Inc., the world’s biggest package-delivery company, terminated a €5.16 billion bid in January 2013 amid opposition from European Union regulators. TNT’s Brazilian domestic business, TNT Mercurio, reported a third-quarter loss of €6 million on €88 million in adjusted revenue.