‘We now have retained a small portion of the enterprise in North Bay and retained among the workers and drivers’
The constructing on Birchs Highway that housed the North Bay workplaces of Titanium Transportation Group Inc. is on the market and the corporate’s chief working officer confirms jobs have been misplaced in North Bay.
“Titanium was lucky to function with an amazing workforce of workers and drivers in North Bay since December 2015,” writes COO Marilyn Daniel in an electronic mail to BayToday. “We now have essentially refocused our enterprise because it has been very delicate to the troublesome economic system affecting the North Bay space. We now have retained a small portion of the enterprise in North Bay and retained among the workers and drivers.”
In different native transportation information, Thunder Bay-based McKevitt Trucking Ltd. has ceased operations. Along with Thunder Bay, the family-owned enterprise had terminals in North Bay, Sault Ste. Marie, Sudbury, Timmins and Mississauga. McKevitt wound down on the finish of October.
Titanium entered the North Bay market after buying native trucking firm ProNorth in a money and share deal value $5.8 million in 2015. Ted Daniel, the corporate’s CEO, stated on the time that no layoffs had been deliberate.
“We’re hoping to extend the quantity of freight by utilizing our means to increase our community, not shrink it,” stated Ted Daniel in a 2015 Northern Ontario Enterprise report. “We’re a younger firm and we’re trying to take good present established firms which might be wanting into the following technology of firms.”
Titanium’s focus has shifted to wider North American operations because the pandemic, particularly south of the border. Within the years following the ProNorth buy, Titanium acquired a number of firms with related U.S.-based logistical workplaces in locales comparable to Illinois, Colorado, Florida, Georgia, North Carolina, Arkansas and Tennessee.
In accordance with the corporate web site, “Titanium is a number one North American transportation firm with asset-based trucking operations and logistics brokerages servicing Canada and the USA, with roughly 900 energy models, 3,000 trailers and 1,300 staff and impartial owner-operators. Titanium supplies truckload, devoted, and cross-border trucking providers, logistics, warehousing and distribution to over 1,000 prospects, and in addition owns over 100,000 sq ft. of warehouse house.
“Titanium is a acknowledged purchaser of asset-based trucking firms, having accomplished 13 transactions since 2011. Notably, the corporate’s most up-to-date buy of Crane Transport in 2023 marked Titanium’s first U.S.-based trucking acquisition.”
Underneath the phrases of the 2015 settlement, Titanium acquired all of ProNorth’s inventory for a complete money consideration of $5.8 million and 1.75 million frequent shares. Titanium additionally bought actual property related to ProNorth’s operations for an combination buy worth of $2.5 million. The actual property acquisition was to be funded utilizing $250,000 money readily available and a $2.25 million nine-year, interest-free, vendor-take-back financing settlement.
“It’s going to create a possibility for ProNorth to increase,” the CEO stated in 2015. “We’re a public firm with some huge cash within the financial institution to put money into our future progress and get our shareholders a superb charge of return over the following 5 to 10 years.”
