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.
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