www.cpr.ca (TSX: CP) (NYSE: CP)
MINNEAPOLIS, MN, March 15, 2012 /PRNewswire/ - Canadian Pacific
Railway Limited (TSX: CP) (NYSE: CP) today announced a multi-year
agreement with Unimin Corporation of New
Canaan, Connecticut, for the movement of frac sand from
Unimin's facility in Wisconsin.
Unimin Corporation is North
America's leading producer of industrial minerals. The
facility, the Company's newest and most productive, will open in
2013 in Tunnel City, Wisconsin and
will produce two million tons of frac sand annually for energy
markets in North Dakota,
Texas, Colorado and elsewhere.
Under the agreement CP will become the exclusive rail service
provider at this facility for the movement of frac sand to Unimin
Corporation's destination markets.
"We have a long relationship with CP at many of our plants in
North America and we are delighted
to expand this longstanding partnership," said Kevin F. Crawford, President and Chief Executive
Officer at Unimin. "Rail is an effective way to move our products
and CP is a reliable partner that will enable us to continue to
deliver products to critical energy markets."
"Canadian Pacific has been serving Unimin, one of our largest
Industrial Products customers, for more than three decades and we
are pleased to continue to grow this partnership through service at
its new facility," said Jane
O'Hagan, Canadian Pacific's Chief Marketing Officer and EVP
Marketing & Sales. "Canadian Pacific's scheduled railway will
ensure we efficiently manage their increasing volumes with reliable
service."
"This agreement showcases the strength of CP's network through
Wisconsin with service to key
energy regions throughout North
America. CP has proven performance in our ability to move
energy-related products and materials, such as frac sand, to
important oil and gas producing formations," said O'Hagan.
"Canadian Pacific has extended our energy franchise with ongoing
capital investments on our U.S. Midwest network and is moving
forward with our 2012 accelerated capital plan which includes
investments that support our energy growth strategy. We are pleased
to be in a position to provide the capacity to our customers to
respond to the strong growth in the energy-related markets."
Canadian Pacific is the only North American railroad to serve
the Bakken Formation, the Alberta Industrial Heartland, and the
Marcellus Shale. In addition, CP is the only Class I railway
to connect the energy hubs of the U.S. Midwest, Alberta and Saskatchewan to the Northeast U.S.
Through its network to the Northeast U.S. and through the
Kansas City gateway to the U.S.
Gulf Coast, CP is able to partner with the energy industry to
facilitate growth in moving oil and energy-related materials.
Each year, CP moves hundreds of thousands of carloads of
energy-related products, including crude oil, sulphur, fuels,
diluents and materials key to the energy industry, such as pipe and
frac sand.
Note on Forward-Looking Information
This news release contains certain forward-looking statements
relating but not limited to our operations, anticipated financial
performance and business prospects. Undue reliance should not be
placed on forward-looking information as actual results may differ
materially. Forward-looking statements are not guarantees of future
performance. By its nature, CP's forward-looking information
involves numerous assumptions, inherent risks and uncertainties,
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;
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, including
long-term floating rate notes; 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. 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 "Management's
Discussion and Analysis" in CP's annual and interim reports, Annual
Information Form and Form 40-F.
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.
About Canadian Pacific
Canadian Pacific (CP: TSX)(NYSE: CP) operates a North American
transcontinental railway providing freight transportation services,
logistics solutions and supply chain expertise. Incorporating
best-in-class technology and environmental practices, CP is
re-defining itself as a modern 21st century transportation company
built on safety, service reliability and operational efficiency.
Visit cpr.ca and see how Canadian Pacific is Driving the Digital
Railway.
SOURCE Canadian Pacific