VANCOUVER, BC, Aug. 12, 2021 /CNW/ - Ashcroft Terminal Limited
has signed an Investment Agreement with Canadian Tire Corporation
(TSX:CTC) (TSX: CTC.A) in which the latter will acquire a 25
percent equity interest in the company. PSA International Pte Ltd
will continue as the operator and retain a majority interest of 60
percent, with the remaining 15 percent interest held by founding
partner CrescentView Investments Ltd.
Ashcroft Terminal Limited is an inland port facility located
approximately 300 kilometres east of Vancouver in British
Columbia. It is the only major privately-owned industrial
property in Canada where both
Class 1 railroad lines – Canadian National Railway and Canadian
Pacific Railway – run through, transporting import and export
cargoes to and from the marine terminals in Vancouver, across Canada and other North American markets. In
addition to its unique rail connectivity, Ashcroft Terminal is
located close to British
Columbia's major highways that serve much of the province's
resource industries.
The partnership with Canadian Tire now allows Ashcroft Terminal
to further invest in infrastructure and capacity growth for the
long-term, benefitting all of its customers. Ashcroft Terminal has
become a hub to serve the needs of a broad range of industries and
customers moving their products by rail. Canadian Tire will further
diversify the customer base and enable Ashcroft Terminal to develop
tailored solutions for retailers in North
America, while continuing to grow its service offerings to
bulk customers. The terminal is well-positioned to offer
resilience in the supply chain of Canadian Tire and its other
customers.
Ashcroft Terminal will also continue to bring long-term growth,
employment and training opportunities and growth to the local
communities.
"We are excited that Canadian Tire, the single largest container
importer in Canada, is joining
forces with PSA International and Ashcroft Terminal to form a
long-standing partnership," said Enno
Koll, CEO, Ashcroft Terminal and Regional Head of PSA
Americas. "We have the potential to increase the efficiency and
sustainability of the supply chain for containers imported and
exported through the marine terminals in Vancouver. Ashcroft Terminal facilitates the
shift from truck to rail and significantly reduces the movement of
trucks in the busy Metro Vancouver area."
"We are pleased to be partnering with PSA, a global leader in
port terminal operations to enhance our long-term supply chain
capabilities and flexibility. This investment will drive
improvements in our network lead time and fulfillment performance,
which are core to our domestic supply chain strategy, while
reducing our carbon emissions by shifting volume from trucks to
rail in Western Canada," said
Paul Draffin, Chief Supply Chain
Officer, Canadian Tire Corporation. "Having strategic access to
high-demand capacity will enable greater control over our
end-to-end supply chain, which has become increasingly critical in
a time where global supply chains have been completely disrupted
and new resiliency is required."
About Ashcroft Terminal
Ashcroft Terminal is
British Columbia's largest inland
port, uniquely positioned to provide sustainable solutions for
importers and exporters through dedicated infrastructure and direct
access to CP and CN Rail mainlines. In operation since 2001, today
the Terminal handles 7,000 railcars and 6,000 trucks annually. Its
strategic location helps shippers, manufacturers and producers
prepare their commodities for export or import. Ashcroft Terminal
provides railcar storage and transloading services for multi-modal
transportation, materials handling, railcar inspections and
repairs, and cargo solutions for its customers supply chain needs.
Ashcroft Terminal has steadily been expanding infrastructure to add
capacity and resiliency to ensure fluidity through the critical
trade gateway. Visit us at
www.ashcroftterminal.com.
About PSA International
PSA International (PSA) is a
leading port group and trusted partner to cargo stakeholders. With
flagship operations in Singapore
and Antwerp, PSA's global network
encompasses over 50 locations in 26 countries around the world. The
Group's portfolio comprises more than 60 deep sea, rail and inland
terminals, as well as affiliated businesses in distriparks,
warehouses and marine services. Drawing on the deep expertise and
experience from a diverse global team, PSA actively collaborates
with its customers and partners to deliver world-class port
services alongside, develop innovative cargo solutions and
co-create an Internet of Logistics. As the partner of choice in the
global supply chain, PSA is "The World's Port of Call". Visit us at
www.globalpsa.com.
About Canadian Tire Corporation
Canadian Tire
Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or "CTC", is a group
of companies that includes a Retail segment, a Financial Services
division and CT REIT. Our retail business is led by Canadian Tire,
which was founded in 1922 and provides Canadians with products for
life in Canada across its Living,
Playing, Fixing, Automotive and Seasonal & Gardening divisions.
Party City, PartSource and Gas+ are key parts of the Canadian Tire
network. The Retail segment also includes Mark's, a leading source
for casual and industrial wear; Pro Hockey Life, a hockey specialty
store catering to elite players; and SportChek, Hockey Experts,
Sports Experts, Intersport and Atmosphere, which offer the best
active wear brands. The more than 1,730 retail and gasoline outlets
are supported and strengthened by CTC's Financial Services
division and the tens of thousands of people employed across
Canada and around the world by CTC
and its local dealers, franchisees and petroleum retailers. In
addition, CTC owns and operates Helly Hansen, a leading global
brand in sportswear and workwear based in Oslo, Norway. For more information, visit
Corp.CanadianTire.ca.
SOURCE Ashcroft Terminal