TNT N.V has confirmed that it is selling off its Freight Management division. In its third-quarter results TNT reported an 8.9 per cent rise in operating profit to £172 million.
Peter Bakker, chief executive officer of TNT, said that the company will continue to focus on the mail and express mail markets.
He said: “The completion of the sale of our Logistics division – for which all approvals have now been obtained – is still expected before the year end. Part of the earlier-indicated costs related to the sale of Logistics was booked in the third quarter results.”
TNT Freight Management division, currently generates £535 million in annual revenue and employs 2,300 people in 126 offices in 28 countries.