TFI International has completed its previously announced acquisition of UPS Freight, the company said April 30. The UPS division, which is focused on less-than-truckload and dedicated truckload shipments, was acquired by TFI in an $800 million deal announced in January.May 3, 2021
Is UPS Freight now TForce Freight?
We are excited to announce the acquisition of UPS Freight by TFI International. Our new name is now TForce Freight. This will be a seamless transition for you, as UPS Freight assets and employees will continue to serve our customers as TForce Freight.
Did UPS Freight change their name?
TForce Freight is the rebranded name of the former UPS unit. 25, UPS announced it had reached an agreement to sell UPS Freight to TFI International for $800 million. As part of the agreement, UPS and TFI are entering into a five-year contract where TFI will continue to use UPS' domestic network to move packages.
Why is UPS Freight now TForce?
According to UPS, the decision was based on their "better, not bigger" business philosophy, stating that they're now free to focus on their core services and providing value to their customers. They also admitted to assessing their portfolio before deciding.
What is UPS Freight called now?
TForce Freight
What happen to UPS Freight?
What's Going to Happen to UPS Freight? The small truckload segment will be absorbed into TFI, becoming a part of its existing truckload business. Alternatively, the LTL division will work within TFI's LTL business, but it will do so independently as TForce Freight.
Did UPS sell UPS Freight?
On Jan. 25, UPS announced it had reached an agreement to sell UPS Freight to TFI International for $800 million.
Why did they sell UPS Freight?
Carol Tomé, UPS's CEO since June 2020, explained in a statement that the sell-off is part of the company's “better not bigger” strategy, which involves divesting businesses that weren't a good fit for the company's current and future plans.Feb 1, 2021
Is UPS and UPS Freight the same company?
The company was founded in 1935 as Overnite Transportation, the name it used until 2006 when it was rebranded UPS Freight by new owner UPS. Its name changed to TForce Freight in 2021 when UPS sold the company to TFI.
TFI International has completed its previously announced acquisition of UPS Freight, the company said April 30. TFI, a transportation and logistics company based in Montreal, said approximately 90% of the acquired business will operate independently within its LTL segment under the new name TForce Freight.May 3, 2021