CALGARY, Oct. 9, 2017 /CNW/ - Canadian Pacific Railway
Limited (TSX: CP) (NYSE: CP) today announced a new partnership with
Genesee & Wyoming Inc. (G&W) (NYSE: GWR) and Bluegrass
Farms of Ohio that will open up
the Ohio Valley to CP customers and further extend CP's reach into
key North American markets.
CP has an exclusive agreement with Bluegrass Farms of
Ohio to use its 90-acre intermodal
facility in Jeffersonville, Ohio
located strategically on the I-71 corridor with the ability to
serve the Columbus, Cincinnati and Dayton markets. The farm consortium will
continue to own the facility, and will operate it on behalf of CP.
CP has also come to an agreement with G&W, which services the
site through its Indiana &
Ohio (IORY) line.
"Through strategic partnerships and innovative thinking, we are
expanding our reach and increasing optionality for our customers,"
said Keith Creel, CP President and
Chief Executive Officer. "This service allows our international
intermodal customers to come through the Port of Vancouver and access markets deep in the Ohio
Valley. The unique site also creates better round trip economics
for our customers by enabling the empty containers to be re-loaded
with agriculture products and shipped back overseas."
The site offers CP and G&W a ready-made intermodal facility
on the IORY line that is able to accommodate intermodal and bulk
shipments, along with the ability to provide transloading services
of bulk agricultural products into containers. The secure site also
features extensive container and trailer storage and the ability to
grow with current and future customers.
"Our partnership with Canadian Pacific is an excellent example
of how short line railroads can extend the reach of the Class 1
network," said Jack Hellmann,
G&W Chairman, President and Chief Executive Officer. "This
intermodal terminal not only offers a new rail option to and from
the Ohio Valley, but was purpose built to provide backhaul
opportunities that will enable customers to reduce overall
transportation costs and enhance their competitive advantage."
"We are excited to be working closely with CP and have always
believed that this is the perfect site to not only reach into the
Ohio Valley with imports, but to deliver high-quality, sustainable
agricultural products back on the export side," said Dave Martin, President of Bluegrass Farms of
Ohio.
The new service is another in a suite of options that CP has
created to better meet the needs of the marketplace and leverages
its innovative live-lift operation at Portal, North Dakota and its best-in-class
daily service between Vancouver
and Chicago.
CP is also expanding its sales and marketing presence in
Asia, with key positions being
added in China and Singapore.
"We are putting more dots on the map, expanding our reach and
working with current and potential customers to sustainably grow
our business and theirs," Creel said.
About Canadian Pacific
Canadian Pacific Railway Limited (TSX:CP)(NYSE:CP) is a
transcontinental railway in Canada
and the United States with direct
links to eight major ports, including Vancouver and Montreal, providing North American customers a
competitive rail service with access to key markets in every corner
of the globe. CP is growing with its customers, offering a suite of
freight transportation services, logistics solutions and supply
chain expertise. Visit www.cpr.ca to see the rail advantages of CP.
CP-IR.
Forward Looking Information
This news release contains certain forward-looking information
within the meaning of applicable securities laws relating, but not
limited, to the implementation and results of CP's marketing and
operations initiatives, priorities and plans, anticipated
performance, business prospects, programs and strategies. This
forward-looking information also includes, but is not limited to,
statements concerning expectations, beliefs, plans, goals,
objectives, assumptions and statements about possible future
events, conditions, and results of operations or performance.
Forward-looking information may contain statements with words or
headings such as "financial expectations", "key assumptions",
"anticipate", "believe", "expect", "plan", "will", "outlook",
"should" or similar words suggesting future outcomes.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from the
forward-looking information. Forward-looking information is not a
guarantee of future performance. By its nature, CP's
forward-looking information involves numerous assumptions, inherent
risks and uncertainties that could cause actual results to differ
materially from the forward looking information, including but not
limited to the following factors: changes in business strategies;
general North American and global economic, credit and business
conditions; risks in agricultural production such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
commodity prices; uncertainty surrounding timing and volumes of
commodities being shipped via CP; inflation; changes in laws and
regulations, including regulation of rates; changes in taxes and
tax rates; potential increases in maintenance and operating costs;
uncertainties of investigations, proceedings or other types of
claims and litigation; labour disputes; risks and liabilities
arising from derailments; transportation of dangerous goods; timing
of completion of capital and maintenance projects; currency and
interest rate fluctuations; effects of changes in market conditions
and discount rates on the financial position of pension plans and
investments; and various events that could disrupt operations,
including severe weather, droughts, floods, avalanches and
earthquakes as well as security threats and governmental response
to them, and technological changes. The foregoing list of factors
is not exhaustive. These and other factors are detailed from time
to time in reports filed by CP with securities regulators in
Canada and the United States. Reference should be made to
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Forward-Looking
Information" in CP's annual and interim reports on Form 10-K and
10-Q.
Readers are cautioned not to place undue reliance on
forward-looking information. Forward looking information is based
on current expectations, estimates and projections and it is
possible that predictions, forecasts, projections, and other forms
of forward-looking information will not be achieved by CP. Except
as required by law, CP undertakes no obligation to update publicly
or otherwise revise any forward-looking information, whether as a
result of new information, future events or otherwise.
SOURCE Canadian Pacific