(The Canadian Pacific Railway issued the following news release on May 21.)
CALGARY — Canadian Pacific Railway (TSX/NYSE: CP) said its extensive track connections to other carriers offer shippers and communities on BC Rail more gateways to North American markets than any other railway. CPR said this market access, along with its history of forming successful alliances with other carriers and its industry-leading safety record provide the essential ingredients in restructuring BC Rail for the success of shippers and communities.
CPR said it plans to file a formal expression of interest in BC Rail with the British Columbia government in the next 10 days. CPR was responding to the British Columbia government’s request for proposals, which was issued on May 15.
“We have met with BC Rail customers and communities over the past several months to hear first-hand their needs and concerns about operating BC Rail successfully,” Rob Ritchie, CPR’s President and CEO, said.
“We strongly believe we can leverage our network of rail lines, connections and alliances to meet their needs and to achieve sustainable efficiencies for BC Rail,” Mr. Ritchie said. “We will put forward a public- private partnership proposal that is structured to deliver these benefits.”
CPR has more connections to North American markets from British Columbia than any other railway and a record of proven alliances that give shippers on its lines access to markets across the U.S. and deep into Mexico.
Mr. Ritchie said it is critical that shippers and communities along the BC Rail line do not find themselves with limited options for transportation service. “CPR is well positioned to ensure they have access to the efficient and competitive service they need to grow and be successful,” he said. “We also believe that the maximum benefit will occur if railways cooperate to leverage their networks.”
CPR was the first railway in British Columbia and has been part of the community for over 120 years. It is the most successful railway in North America in building relationships with its neighbours, establishing breakthrough approaches to dispute resolution and aboriginal tax reform, and working cooperatively to create new business opportunities. CPR is also the safest railway in North American for train operations.
“As one of the continent’s premier railways, we can address the provincial government’s requirements of sustainability, competitiveness and growth for BC Rail and the region it serves. We want CPR’s participation to be good for shippers, for communities, for government and for us,” Mr. Ritchie said.
Canadian Pacific Railway, recognized internationally for its scheduled railway operations, is a transcontinental carrier operating in Canada and the U.S. Its 14,000-mile rail network serves the principal centers of Canada, from Montreal to Vancouver, and the U.S. Northeast and Midwest regions. CPR feeds directly into America’s heartland from the East and West coasts. Alliances with other carriers extend its market reach throughout the U.S. and into Mexico. For more information, visit CPR’s website at www.cpr.ca.