Done deals: March 7, 2024
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Wajax & Polyphase Engineered Controls
Wajax Corporation’s subsidiary Tundra Process Solutions Ltd. has acquired Polyphase Engineered Controls (1977) Ltd. Specialized in producing custom electrical and instrumentation equipment, Polyphase employs forty-four people, including a team of skilled wiring and panel assemblers, and operates facilities in Calgary and Edmonton, Alberta. Founded in 1999 and acquired by Wajax in 2021, Tundra provides maintenance and technical services to customers in the western Canadian midstream oil and gas, oil sands, petrochemical, mining, forestry and municipal sectors. Tundra also distributes a diverse range of industrial process equipment.
TFI International Inc. & Vedder Transportation Group
TFI International Inc. has acquired Vedder Transportation Group, which specializes in tank truck transport of food grade liquids and dry bulk commodities. Headquartered in Abbotsford, British Columbia where it began operations in 1956, Vedder was one of the first companies in Western Canada to use tanker trucks to transport liquid food grade products, with operations now spanning British Columbia to Manitoba. With more than 155 tractors and nearly 300 trailing units, a food grade wash rack, railcar transload and warehousing, and maintenance and repair facilities, Vedder generates annual revenues in excess of $80 million. Run by president Fred Zweep, Vedder joined TFI International’s Specialized Truckload business segment.
Air France-KLM & CMA CGM
In May 2022, Air France-KLM and CMA CGM announced their intention to enter into a cargo commercial cooperation, which became effective in April 2023. The tight regulatory environment in certain important markets has prevented the cooperation from working in an optimal way. As a consequence, Air France-KLM and CMA CGM will withdraw from their existing agreements from March 31, 2024. Both groups remain committed to work collaboratively, to ensure cargo customers can continue to benefit from their respective networks. CMA CGM remains a core shareholder in Air France-KLM. The parties have agreed to amend the existing lockup on CMA CGM shares in Air France-KLM’s capital, which will now be effective until February 28, 2025. The parties have agreed that CMA CGM will step down from the Air France-KLM Board of Directors on March 31, 2024.
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