DPSGY Deutsche Post AG (PK)

Deutsche Post DHL Group has no plans to sell its freight forwarding division, Chief Executive Frank Appel said at a transportation conference Monday.

Speaking at the Trans-Pacific Maritime conference in Long Beach, Calif., Mr. Appel told a crowd of shippers, cargo owners and freight forwarders, "we have no intention, there were no discussions that we are selling" the division.

Deutsche Post was said to be exploring a sale of its freight forwarding division in media reports earlier this month. The unit has struggled recently, including with an expensive attempt to introduce a new IT system, which was abandoned last fall.

On Monday, Mr. Appel said that the division has "had some challenges" recently, but "we are correcting them."

"I can definitely say there were no discussions with anybody," he said. "There will be no discussions."

(END) Dow Jones Newswires

February 29, 2016 14:35 ET (19:35 GMT)

Deutsche Post (PK) (USOTC:DPSGY)
Historical Stock Chart
From May 2024 to Jun 2024

Deutsche Post (PK) (USOTC:DPSGY)
Historical Stock Chart
From Jun 2023 to Jun 2024