Murray Wood: Who's hot... and who's not
Every Friday, Murray Wood takes a look back at the week's news and decides who's hot... and who's not. This week's list ...
Siemens Transportation Group will be purchased by Montreal-based TFI International, pending approval from the federal government’s Competition Bureau.
An agreement for the sale was announced May 1, but terms of the transaction were not released by either party.
Siemens Transportation Group (STG) is a Saskatoon-based family-owned business which has been around since 1962. The company said it provides a total supply chain solution spanning North America through 15 terminals, 11 of which are located in Canada.
“STG’s impressive family-run approach has attracted a loyal customer base across diverse industries, and its compelling geographic presence and well-maintained equipment strategically complement our growing network,” Alain Bédard, president of TFI International, said in a statement.
STG president Doug Siemens will continue to manage the business as part of TFI, and will report to its executive vice-president.
He explained what the sale means for the people of Saskatchewan and the company’s employees.
“We needed to make plans for succession and made a decision that the time was right. TFI came to the table and we’ve been working with them for a little over four months, and we agreed in principle to sell to them,” Siemens said. “We will be continuing to operate the business with these companies that will continue to work in Saskatchewan.
“We negotiated that our people will stay. Our network and people is very important to them and a part of the attraction for them. I think the people of Saskatchewan will continue to be serviced by Siemens Transportation Group. We’ll just have the support of a larger company in the future.”
Siemens reiterated that staff will stay on board after the transition.
“Saskatoon has been our home and head office, so we’ve been fortunate over the years to have great employees to help us succeed,” he stated. “It’s a little bittersweet, but it’s probably the right time.”
TFI also agreed to acquire Hot Line Freight Systems, located in Wisconsin.
“We are pleased to be expanding our (less-than truckload) footprint in both Canada and the U.S. with these two (less-than truckload) acquisitions,” Bédard added in a statement.
