TNT Express has received all regulatory approvals for the sale of its Chinese domestic road operations to private equity funds managed by CITIC PE.
The sale occurred on March 28. Details of the transaction were not disclosed.
The domestic operations were unloaded as part of TNT Express’ ongoing turnaround plan, which also calls for the sale of the Brazilian domestic segment. To hit a target of more than 200 million euros ($270 million) in cost savings by 2015, the company has also outlined firing 4,000 employees while investing in automation and network optimization. In August, the company started looking to unload most of its fashion business.
During the third quarter, reported revenues fell by 6.6 percent compared to the same period last year, but the company reported a 10 million euro savings in the quarter due to restructuring activities.
TNT Express will keep its international delivery activities out of China.