Was UPS sold?
Atlanta-based United Parcel Service Inc. has sold its freight business to Montreal-based TFI International in a deal valued at $800 million. UPS Freight posted $3.15 billion in revenues in 2020; it will join TFI under a new umbrella, TForce Freight, which gets 197 facilities in the deal, 50 of which are leased.
Did Canada Buy UPS?
Canadia’s TFI International (TFI) is acquiring Richmond, Virginia-headquartered UPS Freight for $800 million in a deal anticipated to close in the second quarter of 2021. UPS CEO Carol Tomé said in a press release on Monday (Jan.
Why is UPS selling UPS Freight?
From the UPS website:
The decision to sell UPS Freight was reached following a thorough evaluation of the UPS portfolio, and aligns with the company’s “better not bigger” strategic positioning. … According to Freightwaves.com, UPS Freight is expected to post a $463 million operating loss for 2020.
Did UPS sell their company?
UPS has decided to get out of the less-than-truckload (LTL) business, and has sold its UPS Freight division to Canadian-based TFI International for $800 million. … The sale, she said, will allow UPS to be “more laser-focused” on the core parts of its business that drive the greatest value for its customers.
Will Amazon take out UPS?
Amazon still relies on third-party providers such as UPS, FedEx and the U.S. Postal Service to handle a portion of deliveries.
What companies does TransForce own?
TransForce, which owns many delivery and transportation businesses, operates across North America under names such ac as Canpar, ATS Retail Solutions, Canadian Freightways, and Quik X.