CN completes acquisition of TransX
Montreal-based Class I railroad carrier CN recently announced it has completed its acquisition of the Winnipeg-based The TransX Group of Companies. This acquisition was originally announced in late October. Financial terms were not disclosed.
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Montreal-based Class I railroad carrier recently announced it has completed its acquisition of the Winnipeg-based The Group of Companies.
This acquisition was originally announced in late October. Financial terms were not disclosed.
TransX was established in 1963 and has 3,000 employees. It has 1,500 trucks, 4,000 trailers, 1,000 intermodal containers, and 12 North American terminals. It handles 72,000 shipments per month. CN officials said that TransX will continue to be based in Winnipeg and will operate independently.
“We are pleased to have concluded this important transaction that allows us to deepen our supply chain focus and to continue to offer the best services to our customers, from the first mile to the last mile,” said JJ Ruest, President and Chief Executive Officer of CN, in a statement. “This transaction will support the safe and efficient movement of our customers’ goods to their end markets in a fast-growing consumer economy.”
, CN’s Senior Vice-President, Consumer Products Supply Chain Growth, noted that CN and TransX have been supply chain partners for many years.
“With the acquisition of TransX, CN will continue to support the wholesale and beneficial cargo owner customers, including in the growing, service sensitive, refrigerated transportation business,” he said in the CN statement. “CN will continue to expand capacity and foster additional supply chain solutions to help our partners and customers win in their marketplace.”
When the deal was first announced last October, CN’s Ruest said that it creates a solid framework to serve a growing consumer economy with transportation options that bring more supply chain flexibility to its customers.
Tony Hatch, president of , said that this deal represents an example of CN’s furthering its supply chain extension plans.
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