In a surprising turn of events, TFI International, a major Canadian trucking and logistics company, has decided to keep its headquarters in Montreal instead of moving to the United States. Last week, the company had announced plans to shift its legal base south of the border, saying it would help grow its U.S. business, which makes up nearly 75% of its operations. However, after hearing strong objections from its shareholders, TFI changed its mind on Monday evening, February 24, 2025. The company said it listened to the feedback and will stay a Canadian corporation for now.
The original plan to relocate came as TFI aimed to align itself more closely with its large U.S. customer base and investors. CEO Alain Bédard had shared that being a U.S.-based company could make it easier to work with big clients, like the U.S. Department of Defense, and even join American stock indexes. But not everyone was on board. One of TFI’s biggest shareholders, the Caisse de Depot et Placement du Quebec (CDPQ), which owns over 4% of the company, was unhappy with the idea. CDPQ, a pension fund focused on supporting Quebec’s economy, felt blindsided and made it clear they wanted TFI to stay put. This pushback seems to have tipped the scales.
For TFI, this decision comes at a tricky time. The company recently reported a tough fourth quarter, with profits dropping due to a freight slowdown and challenges with recent acquisitions like Daseke Inc. Despite these struggles, TFI has been a big player in North America’s logistics world, ranking high among trucking companies. By staying in Canada, TFI avoids a major shake-up, but it also raises questions about how it will balance its growing U.S. presence with its Canadian roots. For now, the company is focused on keeping shareholders happy while navigating a bumpy market.