TransForce Inc. (TFI.TO: Quote) Monday said it has completed acquisition of Velocity Express and its subsidiaries.
Velocity operates in the U.S. and Western Canada, employing a combined total of approximately 2,600 staff and independent contractors.
"This asset-light acquisition further enhances TransForce's density and capabilities in the same-day North American package and courier market. The combination of our skills and know-how creates a more powerful service offering in this market niche, " said Alain Bédard, Chairman, President and Chief Executive Officer of TransForce.
The transaction is expected to generate annual revenues of approximately $160 million and to be accretive for TransForce.
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by RTT Staff Writer
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