Did UPS get sold?
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.
Is UPS getting out of the freight business?
United Parcel Service Inc. agreed to sell its freight business to rival TFI International Inc. for $800 million, saying it is pulling out of the domestic trucking market to focus on the soaring small-package-delivery business. … The business has about 14,500 employees, 80% of whom are full-time, UPS said.
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.
Why was UPS sold?
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.
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.
How much did UPS pay for Overnite freight?
UPS ownership as UPS Freight
UPS acquired Overnite and its subsidiary, Motor Cargo, on August 8, 2005 for $1.25 billion. At the time, Overnite offered LTL and truckload services nationwide and Motor Cargo operated regionally in the western US.
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 happens to UPS Freight pensions?
What happens with my hourly rate, vacations, pension, etc.? For union-represented UPS Freight employees, all terms and conditions such as pay, healthcare, and retirement will stay the same. … You will cease to accrue benefits in the UPS Pension Plan as of the transaction close date.
Will UPS Freight Stay Union?
No. The unions continue to represent the same employees and the labor agreements remain in place. What happens with my hourly rate, vacations, pension, etc.? For union-represented UPS Freight employees, all terms and conditions such as pay, healthcare, and retirement will stay the same.