Home Truck News Quebec pension fund invests in TFI International - Truck News

Quebec pension fund invests in TFI International – Truck News

Caisse de dépôt et placement du Québec (CDPQ), an institutional investor that manages several pension plans in Quebec, has acquired a US$171.7 million stake in TFI International – Canada’s largest truck fleet.

The stake amounting to 1.3 million shares was revealed in the investor’s latest quarterly report with the U.S. Securities and Exchange Commission (SEC).

“This is a quality company with a good balance sheet and interesting long-term prospects,” CDPQ spokeswoman Kate Monfette told Transport Routier.

TFI International
(Photo: Supplied)

TFI International posted revenues of US$1.91 billion and revenue of US$133.3 million in the third quarter of 2023.

Although this represents a decline on the same period last year, in the midst of a sluggish market, CEO Alain Bédard said he was confident in the team’s focus on profitability, cash flow, and capital base.

Caisse de dépôt is often referred to as “Quebecers’ collective nest egg” because it manages the retirement funds of 6 million Quebecers, including the Quebec Pension Plan (QPP).

This isn’t the investor’s first exposure to trucking. It also holds US$1.6 million in JB Hunt, US$29.9 million in Knight-Swift, US$68.8 million in Old Dominion Freight Line, and US$3.7 million in UPS, as well as US$55.1 million in the CH Robinson logistics firm.

Another $7.1 million is invested in Paccar, with additional stakes in Carrier, Garmin, and Thermo King parent company Trane Technologies.

  • This article was originally published in French and has been translated into English.

Credit: Source link


Please enter your comment!
Please enter your name here

Must Read

CTA submits federal budget wish list – Truck News

The Canadian Trucking Alliance (CTA) has submitted a wish list to the...

Economic Trucking Trends: Trailer orders plummet as truck tonnage snaps ‘back to reality’ – Truck News

A recovery in the freight markets may have experienced a hiccup according...

‘Freedom Convoy’ organizer suing Ottawa for using Emergencies Act to freeze accounts – Truck News

A main organizer of the “Freedom Convoy” is suing the federal government...

Nikola trims losses, looks to ramp up production – Truck News

Nikola Corp. pared losses in the fourth quarter and ramped up deliveries...

Free webinar on incident response management – Truck News

Trucking is one of the few industries that shares its workplace with...