TFI International bought truckload and less-than-truckload carrier Keystone Western for an undisclosed sum, the company said in a LinkedIn post.

The Montreal-based transportation and logistics company posted net income of $128 million, or $1.50 a diluted share, for the three months ending Sept. 30.

TFI International’s ongoing acquisition spree is set to accelerate in 2025, with substantial truckload and less-than-truckload deals on the horizon, according to CEO Alain Bédard.

TFI International is cutting costs across both its Less-Than-Truckload and Truckload businesses amid what CEO Alain Bédard described as a stubbornly lackluster freight environment.

TFI International acquired Entreposage Marco Inc. for an undisclosed sum, its fifth takeover in 2024 and second of a food-grade liquids hauler, the company announced in a LinkedIn post.

TFI International acquired Quebec-based specialized truckload carrier Transport MJ Lavoie for an undisclosed sum, its fourth purchase so far in 2024.

Profits at TFI International fell 17.1% year-over-year in the first quarter of 2024 on the back of what CEO Alain Bédard said was a particularly weak freight environment.

TFI International is to buy less-than-truckload carrier Hercules Forwarding Inc. for an undisclosed sum, it said.

TFI International’s truckload operations could be merged with a competitor to divide the Montreal-based company into two publicly traded entities, likely in 2025, its CEO said Feb. 9.

Profits at TFI International in the fourth quarter fell 14.4% compared with the same period a year earlier, as acquisitions softened the impact of a weak freight environment.