Sale of Product Development Technologies to help with focus on package asset delivery
June 4, 2013
TZ Limited’s (TZL) period of speedy change shows no sign of halting, with the company at the forefront of supporting the parcel delivery boom selling one of its two main operating subsidiaries.
TZ, which signed agreements with Toll, Fastway Couriers and TNT related to its parcel locker network in the past two months and other deals overseas, has revealed the sale of the assets and business of the separate business, Product Development Technologies (PDT), for US$5 million.
After months of positive news on the “package asset delivery” (PAD) front, the apparent failure to sign up a big player, reportedly Australia Post, was followed by the resignation of CEO John Wilson, with Yellow Brick Road founder and TZ Executive Chairman Mark Bouris stepping in.
Bouris says the PDT sale will help pay down debt and free up “personnel resourced to concentrate on growing our PAD . . . applications” in the North America and the Asia Pacific region.
