CALGARY, AB, Dec. 2, 2020 /PRNewswire/ - Canadian Pacific
Railway Limited (TSX: CP) (NYSE: CP) is proposing to build a
multi-modal, multi-commodity transload and logistics facility on
strategic land holdings adjacent to its existing intermodal rail
facility in Pitt Meadows, B.C. The
proposed facility, named the CP Logistics Park: Vancouver, is in the early stages of design
and is subject to regulatory approval prior to CP's final
investment decision.
"As Canada continues to seek
sustainable ways to fuel our economic recovery, the CP Logistics
Park: Vancouver would be a
critical piece of infrastructure to keep Canadian goods moving,
create jobs and build confidence in Canada as a strong and sustainable global
trading partner," said Keith Creel,
CP President and Chief Executive Officer. "Moving goods by rail is
environmentally sustainable, removes long-haul trucks from our
publicly funded roads and highways, and ultimately reduces
greenhouse gas emissions for the benefit of us all."
The proposed 41-hectare facility has three major rail and
transload components:
- Agricultural hub where Canadian agricultural products will be
received by rail and transloaded to shipping containers for
distribution in custom allotments around the world;
- An auto compound to receive by rail North American-made
automobiles destined for local distributors, with specific design
consideration to accommodate electric vehicles; and
- A liquid energy transload and rail facility to serve Metro
Vancouver demand for transportation fuels and ethanol.
The project will ensure critical infrastructure is in place in
Vancouver, Canada's largest trade
gateway, to meet current and future demands of the Canadian
economy. CP Logistics Park: Vancouver will also help strengthen the
critical link between Canada's
farmers and markets in Asia.
CP has already commenced its First Nations engagement for the
project, which is within Katzie First Nation Traditional Territory.
CP will now commence community engagement with other stakeholders.
Members of the community are invited to visit
cplogisticspark.ca to learn more about the project and
provide their feedback. Due to the COVID-19 pandemic, open houses
will be held virtually on December 8
and 12 and a project feedback form will be available on the website
until January 15, 2021. Further
engagement in 2021 will focus on environmental studies now
underway.
Forward Looking Statement
This news release contains
certain forward-looking information and forward-looking statements
(collectively, "forward-looking information") within the meaning of
applicable securities laws. Forward-looking information 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.
This news release contains forward-looking information relating,
but not limited to, the outcome of environmental studies, First
Nations and community engagement and regulatory approval processes,
the completion of the design and construction of the CP Logistics
Park: Vancouver in accordance with
its currently proposed design and timeline, including with respect
to its anticipated size and capabilities, the anticipated impacts
of the CP Logistics Park: Vancouver on our business, our operations,
priorities and plans, on the environment and greenhouse gas
emissions by us and third parties, on the Canadian economy and
perceptions by third parties of Canada's status as a global trade partner, and
on our anticipated financial and operational performance.
The forward-looking information contained in this news release
is based on current expectations, estimates, projections and
assumptions, having regard to CP's experience and its perception of
historical trends, and includes, but is not limited to,
expectations, estimates, projections and assumptions relating to:
foreign exchange rates, effective tax rates, land sales and pension
income; greenhouse gas emissions; North American and global
economic growth; commodity demand growth; sustainable industrial
and agricultural production; commodity prices and interest rates;
performance of our assets and equipment; sufficiency of our
budgeted capital expenditures in carrying out our business plan;
our ability to complete our capital and maintenance projects,
including completion of the proposed CP Logistics Park:
Vancouver in accordance with the
specifications and timelines anticipated; applicable laws,
regulations and government policies, including required regulatory
approvals; the availability and cost of labour, services and
infrastructure; market demand for CP's services; First Nations
engagement; environmental approvals; our ability to maintain our
relationships with key third parties; anticipated actions by third
parties in response to changes in our business, operations,
priorities and plans; and the satisfaction by third parties of
their obligations to CP. Although CP believes the expectations,
estimates, projections and assumptions reflected in the
forward-looking information presented herein are reasonable as of
the date hereof, there can be no assurance that they will prove to
be correct.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from those
expressed or implied by forward-looking information. By its nature,
CP's forward-looking information involves 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 associated with agricultural production, such as weather
conditions and insect populations; the availability and price of
energy and agricultural commodities; the effects of competition and
pricing pressures; industry capacity; shifts in market demand,
including market demand for autos, agricultural and energy
commodities; changes in commodity prices; uncertainty surrounding
timing and volumes of commodities being shipped via CP; inflation;
geopolitical instability; changes in laws, regulations and
government policies, including regulation of rates; changes in
taxes and tax rates; potential increases in maintenance and
operating costs; changes in fuel prices; 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; regulatory approvals and timing of
regulatory approvals; results of engagement with First Nations and
other communities; effects of changes in market conditions and
discount rates on the financial position of pension plans and
investments; trade restrictions or other changes to international
trade arrangements; climate change; our inability to complete the
design and construction of the CP Logistics Park: Vancouver in accordance with the
specifications and on the timelines anticipated; the failure by
third parties to respond to changes in our business, operations,
priorities and plans in the manner we anticipate or at all; and
various events that could disrupt operations, including severe
weather, such as droughts, floods, avalanches and earthquakes, and
cybersecurity attacks, as well as security threats and governmental
response to them, and technological changes. The list of factors
noted 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.
The forward-looking information contained in this news release
is made as of the date hereof. Except as required by law, CP
undertakes no obligation to update publicly or otherwise revise any
forward-looking information, or the foregoing assumptions and risks
affecting such forward-looking information, whether as a result of
new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific is a
transcontinental railway in Canada
and the United States with direct
links to major ports on the west and east coasts. CP provides 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 cpr.ca to see
the rail advantages of CP. CP-IR
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SOURCE Canadian Pacific