Austrian Post to sell German logistics subsidiary

A transportation and logistics services provider for the pharmaceutical, healthcare and consumer electronics sectors in Germany, trans-o-flex generates annual revenues of around 500 million euros.    Austrian Post will sell its German logistics subsidiary trans-o-flex to an unnamed strategic investor in Germany, according to a statement from the company.
   The primarily state-owned mail and parcel courier attributed the decision to divest itself of the business primarily to a “difficult market environment in the highly competitive German parcel and logistics market,” which led to disappointing earnings.
   trans-o-flex, which specializes in transportation and logistics solutions for the pharmaceutical, healthcare and consumer electronics sectors, generates annual revenues of around 500 million euros (U.S. $551.55 million).
   “On the basis of this agreement we have made a decision which offers trans-o-flex a clear path for its future development,” Austrian Post Chief Executive Officer Georg Pölzl said of the sale.
   Austrian Post said it expects to complete the transaction within the next few weeks, subject to the approval of the German Competition Authority.
   Financial terms of the deal were not disclosed.
   Austrian Post also reported its full year financial results for 2015, which included 131.9 million euros in writedowns, 125.8 million euros of which was in connection with the sale of and structural measures for trans-o-flex.
   The company posted net profits for the year of 71.6 million euros – 142.2 million euros excluding impairments – on revenues that grew 1.6 percent to 2.4 billion euros compared with 2014.