MONTREAL, March 2 /CNW Telbec/ - TransForce Inc. ("TransForce" or "the Company") (TSX: TFI - T), the leader in the Canadian transportation and logistics industry, today announced it has completed the acquisition of the 50% of Laflèche Environmental Inc.'s landfill and environmental complex in Moose Creek, Ontario not already owned by Matrec, the Company's waste management subsidiary.
Matrec increased its ownership in the complex from 37.5% to 50% in 2008. In addition to its valuable landfill operations, the complex provides a range of environmental services including recycling, composting, soil treatment, and waste water treatment, all aimed at diverting waste from landfill, and is developing a project to convert methane gas into electricity. Licenced landfill sites are increasingly rare in Ontario and the Laflèche complex is working to minimize the materials sent to landfill.
"The Laflèche environmental complex is a very important strategic asset for Matrec, strengthening its competitive position in Eastern Ontario, and serving as a model for its other operations," said Alain Bédard, Chairman, President and CEO of TransForce. "Matrec is performing well despite the current economic conditions and we expect this acquisition to further improve its ability to control costs and increase margins in its waste management business. We are particularly pleased that the operation's founder and Matrec's former partner, André Laflèche, will remain as a consultant to the high-quality business he created and will continue to provide guidance for the further development of recycling services."
The acquisition of the remaining 50% of the Laflèche complex closed on March 1, 2010 and financial terms were not disclosed. It is Matrec's fourth landfill-related transaction in the past (three) years.
TransForce Inc. (www.transforce.ca) is the leader in Canada's transportation and logistics industry. Headquartered in Montreal, Quebec, TransForce creates value for shareholders through managing and investing in a growing network of wholly-owned, operating subsidiaries. TransForce provides a comprehensive and unique combination of capabilities, resources and geographical coverage in both domestic and trans-border markets. Its companies currently operate in four well-defined business segments:
- Package and Courier;
- Specialized Services, which includes its ancillary transportation
services such as logistics, fleet management & personnel services;
oilfield & oilsand services, and waste management;
- Truckload, which includes specialized truckload and dedicated services.
TransForce Inc. shares are listed on the Toronto Stock Exchange under the symbol TFI.
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of TransForce. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for TransForce's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
SOURCE TransForce Inc.
For further information: For further information: Investors: Alain Bédard, Chairman, President and CEO, TransForce Inc., (514) 331-4200, email@example.com; Media: John Lute, Lute & Company, (416) 929-5883, firstname.lastname@example.org