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  1. #1
    I Am Rocking Now

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    Default UPSF sold to TFI

    I got this in an email this morning .. All I can say is WOW.. Just when the UPSF teamsters thought they had it good then boom.. I do hope it works out well for them ..

    UPS to sell freight business to TFI for $800 million as part of 'better not bigger' plan

    MARKET PULSE
    Shares of United Parcel Service Inc. announced Monday an agreement to sell its UPS Freight (UPSF) business for $800 million to Canada-based trucking company TFI International Inc. UPS expects to record a $500 million impairment charge on its 2020 results as a result of the deal, which is expected to close during the second quarter of 2021. The package delivery giant said it decided to sell UPSF after a "thorough evaluation" of its portfolio, as part of its "better not bigger" strategic positioning plan. "The agreement allows UPS to be even more laser-focused on the core parts of our business that drive the greatest value for our customers," said UPS Chief Executive Carol Tomé. UPS stock, which rose 1.9% in premarket trading, has dropped 7.5% over the past three months through Friday, while TFI's U.S.-listed shares have gained 2.0%, the Dow Jones Transportation Average has tacked on 8.2% and the Dow Jones Industrial Average has advanced 9.4%.

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  3. #2
    I Am Rocking Now

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    Default Re: UPSF sold to TFI

    Quote Originally Posted by crazy View Post
    I got this in an email this morning .. All I can say is WOW.. Just when the UPSF teamsters thought they had it good then boom.. I do hope it works out well for them ..

    UPS to sell freight business to TFI for $800 million as part of 'better not bigger' plan
    https://www.msn.com/en-us/money/comp...an/ar-BB1d4JlA

  4. #3
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    Default Re: UPSF sold to TFI

    I don't know anything about trucking company values but $800 million doesn't sound like a lot for UPSF

  5. #4
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    Default Re: UPSF sold to TFI

    Quote Originally Posted by 2631 View Post
    I don't know anything about trucking company values but $800 million doesn't sound like a lot for UPSF
    If I remember right they paid about 1.25 billion for overnight..Don't go by what Zollars spent .. He was like a young boy with someone else's credit card..
    Last edited by crazy; 01-25-2021 at 12:28 PM.

  6. #5
    Getting In The Groove Now.

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    Default Re: UPSF sold to TFI

    Wow, that really seems like a bargain for a Nationwide LTL carrier. Didn't see that coming!

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  8. #6
    Scab Hating Union Thug

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    Default Re: UPSF sold to TFI

    "In a call with stock analysts, TFI’s CEO Alain Bedard stated they plan to upgrade equipment and run a more efficient operation.

    Today the IBT Package Division issued a memoto reassure UPS Freight Teamsters that the sale of the company to TFI (branded as TForce Freight) will have no impact on the contract, wages, benefits or pending grievances."




    https://www.tdu.org/ups_freight_sold...orporation_tfi

    Sent from my SM-J327T using Tapatalk
    Last edited by 222lifer; 01-25-2021 at 01:30 PM.

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  10. #7
    I Am Rocking Now

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    Default Re: UPSF sold to TFI

    Quote Originally Posted by crazy View Post
    If I remember right they paid about 1.25 billion for overnight..Don't go by what Zollars spent .. He was like a young boy with someone else's credit card..
    I can't find a link but I thought Zollars had overpaid by at least $100 million for USF. Supposedly the USF stockholders made a killing on the sale.

  11. #8
    Old School... and proud!!

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    Default Re: UPSF sold to TFI

    UPS Freight sold to Canada’s TFI for $800 million

    The $800 million sale comes with a five-year service agreement that will ensure UPS Freight will continue to use UPS’s network to fulfill package shipments, UPS said in a statement Monday. That will avoid disruption for shippers that use bundled UPS package and freight services.

    TFI owns nine over-the-road LTL carriers in Canada, including TST-CF Express, the combined operations of the former TST Overland Express and Canadian Freightways. In 2019, the company’s Canadian LTL operations took in a collective C$902 million (US $707.67 million) in revenue.

    The sale includes the LTL operation, which reported $3.1 billion in revenue in 2020, as well as UPS’s dedicated truckload business, UPS said. Compared with large truckload carriers, UPS Freight is a relatively small player; its dedicated operations will be split off and operate within TFI's truckload division, which was the 15th largest truckload company by revenue in 2019.

    In total, UPS Freight operates from 197 facilities across the US, and has 14,500 employees, about 11,500 of which are members of the Teamsters union.

    With UPS Freight out of its hands, the largest US transportation company will be free to “laser focus” on core parts of its business — i.e., those that deliver the most value to its customers — UPS CEO Carol Tomé said in a separate statement Monday. That means the package network.

    https://www.joc.com/trucking-logisti..._20210125.html

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  13. #9
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    Default Re: UPSF sold to TFI

    Quote Originally Posted by 2631 View Post
    I can't find a link but I thought Zollars had overpaid by at least $100 million for USF. Supposedly the USF stockholders made a killing on the sale.
    Think you are correct..

    http://investors.yrcw.com/news-relea...f-corporation/

    February 27, 2005 at 12:00 AM EST
    Yellow Roadway Corporation to Acquire USF Corporation
    Yellow Roadway Corporation to Acquire USF Corporation
    Provides immediate and nationwide scale in next day and regional markets
    Significant synergies and operational efficiencies expected
    Cash and stock transaction expected to be accretive within twelve months
    OVERLAND PARK, Kan. & CHICAGO, Ill.--(BUSINESS WIRE)--Feb. 27, 2005--Yellow Roadway Corporation (NASDAQ:YELL) and USF Corporation (NASDAQ:USFC) today announced that they have entered into a definitive agreement pursuant to which Yellow Roadway will acquire USF. Highlights of the agreement, which has been unanimously approved by the boards of directors of both companies, include:

    A transaction value of approximately $1.37 billion (based on the Yellow Roadway trailing 90-day closing stock price as of February 18, 2005). Yellow Roadway will also assume an expected $99 million in net USF debt, resulting in a total enterprise value of approximately $1.47 billion.
    The right of USF shareholders to elect for each share either $45.00 in cash or 0.9024 shares (a fixed exchange ratio) of Yellow Roadway common stock. All shareholder elections will then be adjusted such that the gross cash consideration will total approximately $639 million (based on the USF shares currently outstanding) and the balance will be paid in stock.
    A tax-free transaction to USF shareholders to the extent such shareholders receive shares of Yellow Roadway stock.
    The transaction is subject to the approval of shareholders of both companies. In addition, the acquisition is subject to the expiration or termination of the waiting period pursuant to the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended, and other customary closing conditions.
    And then when they bought roadway

    http://investors.yrcw.com/news-relea...n-966-million/

    July 8, 2003 at 12:00 AM EDT
    Yellow Corporation to Acquire Roadway Corporation for $966 Million
    Yellow Corporation to Acquire Roadway Corporation for $966 Million
    Yellow Corporation to Acquire Roadway Corporation for $966 Million
    Yellow Corporation to Acquire Roadway Corporation for $966 Million
    OVERLAND PARK, Kan. and AKRON, Ohio, Jul 8, 2003 /PRNewswire-FirstCall via COMTEX/ -- Yellow Corporation (Nasdaq: YELL) and Roadway Corporation (Nasdaq: ROAD), two of the most widely recognized brand names in the transportation industry, today announced they have entered into a definitive agreement under which Yellow Corporation will acquire Roadway Corporation for approximately $966 million, or $48 per share (based on a fixed exchange ratio and a 60-day average price per share of $24.95 for Yellow common stock in a half cash, half stock transaction). This represents a 49 percent premium for Roadway shares based on the 60-day average closing price of Roadway stock. Yellow Corporation will also assume an expected $140 million in net Roadway indebtedness, bringing the enterprise value of the acquisition to approximately $1.1 billion.

    The combined enterprise, which will be known as Yellow-Roadway Corporation, will be one of the largest transportation service providers in the world, with the ability to move shipments domestically and internationally. Yellow-Roadway will be the largest U.S.-based transportation service provider with a focus on big shipments for business-to-business customers. The combined revenue of both companies for the twelve months ending the first quarter of 2003 was nearly $6 billion.

  14. #10
    Having Fun Now

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    Default Re: UPSF sold to TFI

    Quote Originally Posted by 2631 View Post
    I don't know anything about trucking company values but $800 million doesn't sound like a lot for UPSF

    One of the articles I read today stated that ups was keeping all branded trucks/trailers,..................

 

 
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