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T&G fears over TNT sale
Page 9
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A ROW HAS erupted between transport giant 'INT and international transport unions over the sale of its logistics division.
TNT says the sale will be completed this summer and a coalition of transport unions represented in the UK by the T&G fear for their members once the division changes hands.
The new owner is likely to be a private equity firm; T&G national secretary Steve Turner says: -Private equity companies sell for maximum profit within five years.
-The way they maximise the profit on the resale is by squeezing the assets. The asset in contract logistics is our members terms and conditions of employment." The T&G warns-1'NT to impose a condition on the new owners that the workers' rights will not be threatened; this safeguard has already been achieved at TNT's Dutch logistics operation.
Turner adds: -We want commitments on the pension scheme, job security and the preservation of conditions."
TNT Logistics spokesman John Paterson says he feels the union is being unreasonable. "Until you know who the buyer is, what can you do?" he asks.
• TNT's second-quarter turnover increased to E2.64bn (£1.811m) from €2.50bn (£1.711m) last year. Pre-tax profits also rose, to E331m (£233.6m) from E3410m (£211 m