MONTREAL - TFI International Inc. (NYSE:TFII), a major player in the North American transportation and logistics sector, has announced the acquisition of Hercules Forwarding, Inc., an established Less-Than-Truckload (LTL) carrier. This move is set to enhance TFI's US LTL operations and introduce cross-border LTL services between the US and Canada.
Hercules Forwarding, based in Vernon, California, with a Canadian office in New Westminster, BC, has been operating since 1985. The family-owned business boasts a network of 31 terminals and a fleet that includes over 210 trucks, nearly 600 trailers, and around 75 containers.
With an annual revenue exceeding US $100 million, Hercules has a reputation for high-quality, damage-free service catering to a variety of markets such as consumer goods, building products, automotive, industrial, third-party logistics (3PL), and food and beverage.
The acquisition will see Hercules' president, Marty Burnham, and CFO, Melanie Burnham, join TFI's LTL business segment. Alain Bédard, Chairman, President, and Chief Executive Officer of TFI International, expressed confidence in the strategic benefits of the acquisition, highlighting Hercules' low claims ratio and expertise in handling high-value freight across key markets in the US and Canada.
TFI International, headquartered in Montreal, Quebec, operates a network of wholly owned subsidiaries that contribute to its four main service segments: Package and Courier, Less-Than-Truckload, Truckload, and Logistics. The company is publicly traded on both the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol TFII.
This acquisition is expected to create synergies and provide a seamless partner for TFI's existing Canada-to-US shipping operations, further solidifying the company's position in the North American transportation and logistics industry.
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