Securing the Future: GardaWorld's Strategic Bet on Canada's Cash Economy

TORONTO, ON – December 10, 2025

In a move that underscores the complex dance between tradition and transformation, GardaWorld Cash - Canada announced today the ratification of a new long-term collective bargaining agreement with Teamsters Local 419 and 879. While a labor agreement in a logistics firm might seem like standard corporate business, this deal is a significant strategic play, securing operational stability for the nation's largest cash processor at a time when the very definition of money is in flux. It's a calculated bet on the enduring relevance of physical currency in an increasingly digital world.

The agreement, covering a significant portion of the company's 3,200 professionals in Ontario, is being framed by the company not as a concession, but as a foundational investment. "This agreement stands as a testament to our collective commitment to our employees," said Dominic Mailloux, Vice President of Human Resources for GardaWorld Cash – Canada, in a statement. He emphasized the deal strengthens the foundation for "sustainable growth and operational excellence," positioning the company to navigate a rapidly changing industry landscape. This pact ensures the armored trucks keep rolling, but more importantly, it frees up strategic bandwidth for GardaWorld to confront the larger disruptive forces of fintech and evolving consumer habits.

The Unseen Backbone of Commerce

Despite the relentless buzz around digital wallets, cryptocurrencies, and contactless payments, cash remains a stubborn and vital component of the Canadian economy. Recent data from the Bank of Canada paints a surprising picture of resilience. A 2024 survey revealed that cash was still used in 21% of all purchases, a figure consistent with the previous year. Furthermore, nearly 80% of Canadians reported having no plans to go entirely cashless, and the total value of banknotes in circulation in 2022 was 25% higher than pre-pandemic levels.

This persistence is not merely nostalgic. Cash is a lifeline for financial inclusion, providing an essential payment method for the unbanked, underbanked, seniors, and many in rural and Indigenous communities. It is also the ultimate fallback, a tangible asset that functions when digital systems fail. This enduring demand fuels a massive, intricate, and largely invisible logistics network. GardaWorld sits at the epicentre of this network, managing and moving over $8 billion in cash every day across North America. Its operations are the circulatory system for a significant portion of the continent's physical economy, serving financial institutions, retailers, and government bodies. The new Teamsters agreement ensures this critical infrastructure—essential for the smooth functioning of daily commerce—remains stable and reliable.

Navigating a Pivotal Transformation

The stability afforded by the new labor pact comes at what GardaWorld rightly calls a "pivotal moment of transformation." The cash-in-transit (CIT) industry is no longer just about secure transportation; it's about becoming an integrated player in a hybrid financial ecosystem. The primary challenges are threefold: operational, technological, and regulatory.

Technologically, the rise of fintech and "CashTech" innovations is forcing a rethink of traditional models. Companies are now exploring AI-driven route optimization, real-time data analytics for cash forecasting, and even blockchain for securing transaction ledgers. The goal is to evolve from a simple pick-up and delivery service to a dynamic, on-demand logistics provider that can seamlessly integrate with a client's digital financial systems. This requires significant investment in new technologies and, crucially, a workforce skilled in operating them.

Operationally, as the volume of digital transactions grows, the patterns of cash usage change. This demands more agile and efficient logistics to avoid what the industry calls "cash deserts" in some areas and cash surpluses in others. By securing a long-term agreement with its workforce, GardaWorld mitigates the risk of labor disruptions that could cripple its ability to adapt and invest in these necessary operational and technological upgrades. It provides the predictability needed to undertake complex, multi-year transformation projects.

Labor Peace as a Competitive Advantage

In the high-stakes, consolidated CIT market, operational reliability is the ultimate currency. GardaWorld's primary competitors, including Brink's and Loomis, face the same industry pressures. Securing labor peace is not just an internal HR matter; it is a powerful competitive differentiator. Just this past October, rival Brink's Canada finalized its own multi-year agreement with Unifor members in British Columbia, a deal that focused on wage increases and improved health and safety language.

This industry-wide pattern highlights a clear strategic imperative: companies that can guarantee uninterrupted service through stable labor relations are better positioned to win and retain major clients. For a bank or a national retail chain, the risk of a CIT provider's strike—which could leave ATMs empty and businesses unable to deposit earnings—is unacceptable. By ratifying this long-term deal, GardaWorld is sending a clear message to the market: we are a stable, reliable partner for the long haul. This stability, born from successful negotiation and collaboration, becomes a core part of its value proposition.

The Human Element in a Tech-Driven Future

Perhaps the most insightful aspect of this agreement is its implicit acknowledgment of the workforce as the bedrock of resilience. In an era captivated by automation and AI, GardaWorld's leadership is publicly emphasizing that its success is "directly tied to the dedication of its workforce." This is more than just corporate praise; it is a strategic recognition that even as technology advances, the specialized skills, security vetting, and unwavering professionalism of its employees are irreplaceable assets.

The job of a cash services professional involves immense risk and responsibility. These are the individuals who ensure the integrity of a system built on trust. By investing in its people through a stable, long-term agreement, GardaWorld is reinforcing that trust. This fosters a culture of dedication and expertise that is critical for implementing new technologies and adapting to new operational protocols. A secure and valued workforce is more likely to be an engaged and innovative one, capable of helping the company navigate the very transformations shaping its future.

Ultimately, the agreement between GardaWorld and the Teamsters is a masterclass in navigating disruption. It demonstrates an understanding that to build a resilient future, you must first secure your foundation. By ensuring labor peace, the company has bought itself the stability and focus required to innovate, compete, and redefine its role in an economy that will, for the foreseeable future, be a hybrid of physical and digital value. It is a powerful reminder that in the business of securing assets, the most valuable asset of all may be the dedicated people who get the job done.