UPS Freight Sold For 800M
Topic 29487 | Page 1
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UPS Announces Agreement to Sell UPS Freight to TFI International Inc.
January 25, 2021 08:30 ET | Source: UPS
ATLANTA, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Transaction Highlights
Includes UPS less-than-truckload (LTL) and dedicated truckload businessesExpected to close during the second quarter of 2021
UPS (NYSE: UPS), has entered into a definitive agreement to sell UPS Freight (UPSF) to TFI International Inc. (NYSE and TSX: TFII) for $800 million, subject to working capital and other adjustments.
“We’re excited about the future and the opportunities this creates for both UPS and UPS Freight as part of TFI International Inc.,” said UPS Chief Executive Officer Carol Tomé. “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.”
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.
UPS and TFI International will also enter into an agreement for UPS Freight to continue to utilize UPS’ domestic package network to fulfill shipments, for a period of five years.
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close during the second quarter of 2021. UPS expects to recognize a non-cash, pre-tax impairment charge of approximately $500 million on its statement of consolidated income for the year ended December 31, 2020.
With an operating history of over 85 years, UPS Freight is one of the largest LTL carriers in the U.S., offering a full range of regional and long-haul solutions and an on-time delivery guarantee for all LTL shipments and is headquartered in Richmond, VA.
UPS Freight has always been the ******* child
Regional:
Regional Route
Usually refers to a driver hauling freight within one particular region of the country. You might be in the "Southeast Regional Division" or "Midwest Regional". Regional route drivers often get home on the weekends which is one of the main appeals for this type of route.
LTL:
Less Than Truckload
Refers to carriers that make a lot of smaller pickups and deliveries for multiple customers as opposed to hauling one big load of freight for one customer. This type of hauling is normally done by companies with terminals scattered throughout the country where freight is sorted before being moved on to its destination.
LTL carriers include:
- FedEx Freight
- Con-way
- YRC Freight
- UPS
- Old Dominion
- Estes
- Yellow-Roadway
- ABF Freight
- R+L Carrier
OWI:
Operating While Intoxicated
LoL ... you FedEx guys are just partial, haha~!!!
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Regional:
Regional Route
Usually refers to a driver hauling freight within one particular region of the country. You might be in the "Southeast Regional Division" or "Midwest Regional". Regional route drivers often get home on the weekends which is one of the main appeals for this type of route.
LTL:
Less Than Truckload
Refers to carriers that make a lot of smaller pickups and deliveries for multiple customers as opposed to hauling one big load of freight for one customer. This type of hauling is normally done by companies with terminals scattered throughout the country where freight is sorted before being moved on to its destination.
LTL carriers include:
OWI:
Operating While Intoxicated