VIENNA: March 07, 2016. Austrian Post (AP) has reported an impairment of €125.8 million on the sale of its German subsidiary trans-o-flex, a logistics company specializing in pharmaceuticals, healthcare and consumer electronics that had revenue of €500 million in 2014.

Trans-o-flex 2AP, which acquired a majority shareholding in trans-o-flex in 2007, says the company has been “strongly challenged by the difficult market environment in the highly competitive German parcel and logistics market” and has now sold the business to an unnamed “strategic investor” for an undisclosed sum. The acquisition is subject to approval by the German Competition Authority.

Last month trans-o-flex appointed Frank Iden as the new CEO, replacing Max Moser, AP’s former head of its parcel business. Iden has over 30 years industry experience including management positions at Hermes, primeMail, Deutsche Post, TNT and Interfracht.

“In 2013, when I asked Max Moser to take over a major project and assume the management of trans-o-flex, the company faced huge challenges,“ said Peter Umundum, AP board member (Parcel & Logistics).

“Today the course has been set and I would like to thank Max Moser for his tireless commitment and, above all, for his many years of service for Paketlogistik Österreich, which he built up optimally for a sustainably positive development,” Umundum added.

AP reported a 1.6 percent rise in revenue to €2.4 billion in 2015. The Parcel & Logistics division increased turnover 2.9 percent to €900 million while Mail & Network revenue rose 0.9 percent to €1.5 billion year-on-year. EBIT was €89 million and the net profit was €71.6 million.