TNT Express to sell fashion logistics business
TNT Express announced 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-fulfillment services. TNT Fashion Group B.V. employs 660 people.
Belspeed is a fashion and lifestyle logistics company in Belgium. Netlog is one of Turkey’s largest logistics and transport companies.
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. TNT Express said 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.