TFI International has reversed its decision regarding a move to the United States after shareholders speak out against the idea.
A press release stating the planned move to the US was released on February 19th, along with the news of serious profit decreases for the company. Just five days after the statement about the move from CEO Alain Bédard, the company has reversed its decision and will remain in Canada.
According to The Wall Street Journal, TFI shareholders were not informed of the potential move prior to the CEO’s statement, and were not happy with the idea of the TFI leaving Quebec. TFI has operated in the US since 2011, conducts 70% of its business in the US, and has many shareholders that reside there.
“The company did not inform us of its intentions,” said a spokeswoman for one of the company’s Quebec shareholders with a 4% stake in the company. “Preserving Quebec’s interests is always at the forefront of our priorities as a shareholder.”