TNT Express to sell Dutch fashion business to Belgian/Turkish group
TNT Express has found a buyer for the Dutch part of its fashion supply chain business, TNT Fashion Group B.V. The integrator announced today that it intends to sell the business to a consortium formed by Belgian fashion logistics firm Belspeed and Turkish logistics firm Netlog Group.
The sale comes subject to consultation with the Works Council and regulatory approval, but is expected to be completed by the end of June.
TNT Fashion Group employs about 660 people, providing supply chain services to the fashion and lifestyle industry, with services ranging from warehousing, packing, distribution, retailing and e-commerce fulfillment.
The company has its headquarters in Oldenzaal, the Netherlands.
TNT Express, which is in the middle of a major global restructuring process at the moment to turn around its flagging financial performance, has been looking for a buyer for its Dutch fashion logistics business since August last year.
The UK side of TNT Fashion Group is being downsized and merged with the core TNT Express business at the moment.
Buyer
The consortium buying TNT Fashion Group in the Netherlands includes a large Turkish logistics firm and a smaller Belgian specialist fashion logistics firm.
Netlog Group is one of Turkey’s largest logistics and transport companies with revenues adobe $500m a year and a work force of 4,500 employees. The firm has been operating since 1994. Belspeed was founded in 1983 and has revenues of EUR 35m generated by 350 employees.
TNT Express said the combination of the businesses would form a “strong player” in the European fashion and lifestyle supply chain industry, benefiting from Netlog’s links in the Middle East and Asia.
The company said today: “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.”
TNT Express said it will continue to provide express delivery services for customers in the fashion and lifestyle industries following the sale of the business.
