this post was submitted on 12 Jan 2024
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This is the best summary I could come up with:
Canada Post Inc. is selling off its third-party logistics business to a Montreal company, according to a media release Tuesday from the Crown corporation.
According to Canada Post's most recent annual report, SCI represents less than three per cent of the Crown corporation's total revenue.
Canada Post would not provide CBC News with an interview and instead answered questions via email.
"It's a great company but no longer fit[s] the corporation's long-term strategy and growth plans," Liu wrote.
SCI Group manages more than $1 billion worth of inventory per day at 75 warehouses across the country and employs 3,000 workers, 353 of them members of the Unifor union.
The deal is expected to close in the first quarter of 2024, after which Canada Post will disclose details of the sale in its financial statements, Liu said.
The original article contains 359 words, the summary contains 132 words. Saved 63%. I'm a bot and I'm open source!