TransForce To Focus on Buying Back Shares
TransForce Inc. is an established leader in the logistics and transportation industry in North America, operating through its subsidiaries in the US and Canada. When discussing what lies ahead for TransForce, Alain Bedard, CEO and Chairman of Canada’s largest trucking firm, has been quite clear about his upcoming plans for the first quarter of 2016. The goal isn’t profitability, or further expansion and growth, but the only mission is to buy back TransForce shares in the best deals possible. Instead of focusing on any major acquisitions, the company will be directing its efforts to buy back its 6 million worth shares.
Addressing the press and analysts on February 12th morning, Bedard told the news that the company will be buying back its shares and at the same time eliminating 10% of its warning shares.
“We’re not buying something that’s unknown,” Bedard said. “If you are doing a truckload deal, there’s always a risk,” were his actual words.
As for the company’s overall future plans for the year 2016, they include a boost in the US truckload segment. The CEO seemed more than enthusiastic, talking about the future prospects of the company in the US. He believes that the US consumer business is strong and will continue to witness progress in the years to follow.
“I’m still convinced that sometime, maybe late in 2016, there will be some kind of a combination between us and somebody else that is going to create a stronger, great truckload (business) in the US,” said Bedard.
TransForce recently hit the news when it benefitted from the waste management sale in the end of 2015 which rewarded the company with some resourceful cash. Bedard also remarked that most of the company’s earnings from the sale will be going into buying back its own share process. He believes the waste management sale has been a quick and intelligent way of retrieving cash of something that the company no longer required. To answer as to what made him buy the company back in 2005, Bedard had the wittiest of answers.
“A lot of people were laughing at me when I bought the company in 2005,” he said. “We generated a profit of over $500 million with these transactions. We built a great business, we had a solid team and we sold it at a fair price to GFL and we made a huge gain and the buyer is happy because he bought a tremendous company.” – See more at: http://truckernews.com/transforce-to-focus-on-buying-back-shares-p706-90.htm#sthash.Eq8FJJvM.dpuf