TFI International looks to ‘redomicile’ in U.S.
TFI International — Canada’s largest trucking fleet — is looking to formally establish itself as a U.S. operation.
Announcing 2024 earnings today, the fleet said it “intends to pursue re-domiciliation from Canada to the United States,” noting that it has traded on the New York Stock Exchange since February 2020, and that 70% of its operations and a “plurality” of shareholders are already based in the country.
In the 2024 Today’s Trucking Top 100 list, TFI International reported 11,455 power units and 34,599 trailers, with 7,504 owner-operators, 25,123 employees, and 598 terminals or yards. This made it the largest Canadian fleet by every measure.
The news comes just days after Mullen Group chairman and senior executive officer Murray Mullen threatened to invest capital into the U.S. market if Canadian politicians don’t “get their act together” in responding to the threat of U.S. tariffs.
“It really depends on Canada’s response to how it’s going to be competitive with the Americans,” Mullen told analysts. “If Canada doesn’t get its act together – the politicians and Canadians – we’re going to turn our attention to the U.S.”
Mullen ranked fourth in the 2024 Top 100 list, with 1,563 straight trucks, 1,327 tractors, and 9,034 trailers.
TFI International is reporting US$8.40 billion in total revenue for 2024 compared to US$7.52 billion in 2023. Revenue before fuel surcharges of US$7.30 billion in 2024 bettered the US$6.42 billion in 2023.
The fleet is known for an aggressive acquisition strategy. Last year it acquired Daseke, a publicly traded flatbed and specialized transport business, for US$1.1 billion. And in 2021 it closed a US$800 million deal for UPS Freight.
- This is a breaking story. More to come.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.
What a cop out . Is Murray going to visit the “governor” of the usa and kiss the ring?
Industry leaders from Mullen Group and TFI International are voicing frustration with the Canadian government’s inaction on critical issues affecting the federally regulated trucking sector. These companies, known for their adaptability and resilience, are calling for urgent reforms to address longstanding concerns. Our industry is plagued with issues, driver misclassification (Driver Inc.), inconsistent regulations between our neighboring provinces, unrelistic environmental initiatives (carbon tax money grab) to name a few, maybe Murray Mullen is sick and tired of Canadian BS (belief systems lol)
-
I wonder how they will get around the law that says a Canadian citizen can not pick up a load in the US, and deliver that load to an other US destination. Are they going to have that law changed so that they can do that.
Like they say ( if you can’t beat them, your mind is well joined them), there is Nothing wrong with driving a unit with an American plate and the company having wear houses in Canada,
In 2000, I worked for an American company from Iowa. They had a warehouse in the western region. The unit I was driving was from Iowa, and I was a Canadian driver. I was an American company driver even though I had a Canadian passport.
As of Feb 25, TFI has reversed its US moving plans as a direct result of a stern rebuke from one of its largest shareholders, Caisse pension fund.
It is perhaps a telltale sign of the current level of Canadian patriotism when a Quebec domiciled pension fund makes itself heard in such a strong voice.
Where exactly in the US were they planning to move to? If it’s in a red state then more power to them for sticking in Quebec.
Hello my name is Mohamed a truck driver in the US since 2007 I am interested driving for a Canadian company, are hiring drivers from the US, need experience driving in Canada. If you are hiring company driver am interested. Thank you
Get ready for U S Steel!