CSX CSX Corporation

   By Stephen Nakrosis 
 

Canadian National Railway Co. (CNI) said Thursday it acquired a rail line running between Valleyfield, Quebec, and Woodard, N.Y., from CSX Corp. (CSX).

Financial terms of the deal weren't disclosed.

"With this acquisition from CSX, we are opening up new opportunities for our existing customers and local businesses who will be able to access new markets through CN's unique three coasts network," said JJ Ruest, president and chief executive officer of CN.

The 220-mile line serves several cities in the province of Quebec and the state of New York, the company said.

CN also said an agreement between the two companies, which will come into effect October 7, will see intermodal service offerings between CN's greater Montreal & Southern Ontario network the ports of Philadelphia, New York, New Jersey and the New York City metropolitan area, all of which are served by CSX.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

August 29, 2019 18:02 ET (22:02 GMT)

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