HVH Transport shutdown also hits Canada’s FTI
A Canadian trucking company, FTI, closed as part of the shutdown of HVH Transport. -According to the article from freightwaves.com and its author
HVH’s owner, HCI Equity, purchased Ontario-based FTI in 2014 and merged it with the U.S. trucking company. At the time, FTI had revenues of about US$50 million in revenue and 275 independent contractors and 600 trailers doing an even split of cross-border and domestic Canadian business, according to HCI. Tabak also wrote in his article.
U.S. Department of Transportation records shows that the company had scaled back to 80 tractors and drivers.
Former FTI executives did not return requests for comment. Calls to the company numbers did not go through.
Canada has been comparatively quiet on trucking company closures in 2019. The country’s largest transportation and logistics company, TFI International (TSX:TFII), closed its Highland Transport unit in June following weakness in the northeastern U.S.
The company provided notice about a month in advance, and offered drivers placement elsewhere in TFI.
The company did a mix of cross-border and domestic Canadian business.
Read the full story and more Canadian trucking news HERE
Source and credits: freightwaves.com /and iTrucker / Mario Pawlowski