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

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Vision Truck Group opens Mack facility in Brantford, Ont. – Truck News

Mack Trucks dealer Vision Truck Group has opened a new Mack facility...

Trucking Announcements: promotions at KAG, Minotti joins XL Specialized Trailers – Truck News

Each week, TruckNews.com lists notable moves, promotions and awards in the trucking industry. This week,...

Nova Scotia makes progress on Highway 103 twinning project – Truck News

Another section of the newly twinned Highway 103 that runs from Halifax...

B.C. suspends another carrier after truck strikes overpass – Truck News

The B.C. Ministry of Transportation suspended a carrier after one of its...

ECONOMIC TRUCKING TRENDS: Trailer orders weaken, but trucking conditions improving – Truck News

The trucking market continues to improve, with the Trucking Conditions Index returning...