Qantas to sell off road arm
Australian carrier Qantas has confirmed that it plans to sell off its 50 percent stake in Star Track Express, its joint venture trucking business with Australia Post.
The airline said that the sale would take place when market conditions were favourable.
The sale of the trucking arm is part of a wider move by Qantas to dispose of non-core assets. Chief executive Alan Joyce said that logistics and trucking was not seen as a central business activity over the long term. Star Track has also consistently failed to live up to growth expectations since the share in the business was acquired in 2003.
Market analysts estimated that the sale could bring Qantas around AUS$290 million (US$304 million), with Australia Post seen as the most likely buyer.
Qantas’ other joint venture with Australia Post, wholesaler Australian Air Express, has also been the subject of speculation. But Qantas described it as a core business and said it was not for sale.