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Deutsche Post mulls dumping troubled DHL Global Forwarding
GERMANY's Deutsche Post is considering selling its freight forwarding operation, DHL Global Forwarding to focus on its mail and express business, Reuters reports.
Or Deutsche Post may seek a partnership, create a joint venture or sell either part or the complete operation, according to two people familiar with the matter.
"The unit has had massive margin problems of late, among others, due to IT [information technology] troubles, so it's natural that Deutsche Post is mulling ways to turn it around," one of the sources was quoted as saying.
One option being looked at is a potential sale to Japan Post, one of the sources said. Deutsche Post and Japan Post declined to comment.
The freight forwarding business comprises the air and ocean business as well as a land freight forwarding unit, which the company will likely keep, the sources said.
Deutsche Post suffered a 71 per cent decline in third quarter 2015 core earnings to EUR197 million (US$220.94 million), hit by a EUR345 million write down in its freight business from its disastrous and now abandoned "New Forwarding Environment" (NFE) IT modernisation project.
The freight forwarding unit lost EUR337 million before interest and tax in the third quarter, compared with a profit of EUR71 million in the same period of 2014.
Or Deutsche Post may seek a partnership, create a joint venture or sell either part or the complete operation, according to two people familiar with the matter.
"The unit has had massive margin problems of late, among others, due to IT [information technology] troubles, so it's natural that Deutsche Post is mulling ways to turn it around," one of the sources was quoted as saying.
One option being looked at is a potential sale to Japan Post, one of the sources said. Deutsche Post and Japan Post declined to comment.
The freight forwarding business comprises the air and ocean business as well as a land freight forwarding unit, which the company will likely keep, the sources said.
Deutsche Post suffered a 71 per cent decline in third quarter 2015 core earnings to EUR197 million (US$220.94 million), hit by a EUR345 million write down in its freight business from its disastrous and now abandoned "New Forwarding Environment" (NFE) IT modernisation project.
The freight forwarding unit lost EUR337 million before interest and tax in the third quarter, compared with a profit of EUR71 million in the same period of 2014.
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