Posted November 07, 2019 14:10:37A company that started as an online retailer in Ontario and expanded into a national mail service has been sold for a record $1.3 billion.
Postmaster General Justin Trudeau announced the sale of the Postmaster-in-Chief business, which handles delivery and customer service in Canada, to Canadian Post Holdings Inc. in a statement.
Trudeau said the sale was “a reflection of our continued commitment to excellence and our continued focus on the delivery of Canadians’ mail.”
Postmaster-In-Chief is a department that oversees the mail delivery of mail and packages to customers in Canada.
The Canadian Post will retain its current leadership position, Trudeau said.
The company’s assets include a network of delivery centres and regional offices across Canada.
Canadian Post’s assets will include its business offices in Toronto, Montreal, and Ottawa, the company said.
Canadian Post has been a leader in the Canadian mail industry for decades, and has led the way for other mail delivery companies.
It has been the top-performing mail carrier in Canada for decades.
In 2016, the Post lost a bid for the postal service from the Canadian Postal Workers Union (CPWU), which was one of the largest unions in Canada and was fighting to save the business.
