(Bloomberg News circulated the following by Hugo Miller on February 13.)
TORONTO — Canadian Pacific Railway Ltd., the country’s second-largest railroad, renewed a logistics contract with trucking company Consolidated Fastfrate for C$500 million ($501 million).
The 10-year extension was announced today by the Calgary- based railroad and closely held Consolidated Fastfrate, based in Woodbridge, Ontario, in a statement distributed by Canada Newswire.
The companies have worked together since 1966 and the contract extension, to 2016, will mark 50 years of cooperation between them, they said.
Fenway Partners and Westerkirk Holdings together own 75 percent of Consolidated Fastfrate, with the remainder owned by the transportation company’s management, according to the statement.