TForce Freight Inc., an operating less-than-truckload company of TFI International Inc. (NYSE and TSX: TFII) and formerly known as UPS Freight, said Thursday it has reached a tentative five-year contract with the Teamsters union.
Teamsters officials were not immediately available for comment.
The contract was set to expire July 31, and the union’s 8,000 or so rank and file had already authorized a strike vote.
In a statement, TForce said it was pleased with what it called the “mutually beneficial” terms. The contract must still be ratified by the rank and file, a step which TForce said should occur relatively soon.
TForce was rebranded shortly after the parent acquired UPS Freight in early 2021 for $800 million in cash.
The Teamsters have already ratified a contract with ArcBest Corp.’s (NASDAQ: ARCB) LTL unit, ABF Freight. It remains at loggerheads with Yellow Corp., (NASDAQ: YELL) another LTL carrier. Talks with UPS Inc. (NYSE: UPS) have stalled less than three weeks before the July 31 deadline.