Mail business TNT is planning plans to sell its logistics arm, which employs around 300 people in the Midlands.
A spokesman said the Dutch owned company aimed to focus on its mail and express delivery operations and will buy back one billion euros (£679 million) in shares.
TNT has its main UK base in Atherstone, Warwickshire, where it runs thee operations: logistics, express and information systems.
A spokeswoman said the logistics business employs around 300 people there and at an office in Nuneaton.
The two other operations were unaffected by the announcement.
TNT announced the sale after shareholder complaints about returns from the logistics business, which designs and operates supply chains and faces tough pricing pressures.
Chief executive Peter Bakker said synergies between TNT's logistics operation, the world's secondlargest, and the rest of the firm's operations had been disappointing.
The company raised revenue growth expectations for its express delivery division to ten to 15 per cent over the medium term versus an earlier projection of a high single-digit rate.
At its fast-growing non-Dutch European mail business, it aimed to expand revenue to 1.7 billion euros (£1.15 billion) in 2012 from just 426 million euros (£289 million) in the first nine months of this year.
Analysts said TNT had responded to shareholder pressure to deliver more value and had made a step to preserve its independence after the woes of the logistics division fed speculation the firm could be taken over or broken up.
But a break-up was still a possibility, ING analyst Andrew Beh said.
"I think express is so attractive that this is only the first step. But if it all stays together - the remaining businesses are excellent," he said.