TORONTO, Feb. 13 /CNW/ - Canadian Pacific (TSX/NYSE: CP) and Consolidated
Fastfrate (CFF) today announced a new $500 million agreement that extends
their existing contract for an additional 10 years. This agreement brings the
CP and CFF partnership to a fifty year milestone; 1966-2016.
"The strategic relationship we have with CP, which exists at every level
of their organization, has been the foundation upon which we built our
company," said Ron Tepper, President and CEO of CFF. "I am incredibly proud to
sign an agreement of this magnitude. Our long-term partnership illustrates
that two companies can co-operate to increase efficiencies and provide a
better product to their customers."
CP and CFF have a historic partnership that dates back to 1966. The
two companies made intermodal history when they embarked on a national
co-location program. CFF's decision to build all its centres adjacent to CP
intermodal terminals has helped both organizations achieve remarkable success
in the intermodal transportation industry.
These co-location facilities provide significant service and cost
efficiencies that are key to both CFF and CP's intermodal growth. CFF is the
only LTL carrier in the country to have the strategic advantage of co-location
"Over the past forty years we have seen the incredible growth and
development of the intermodal industry, from a minor mode of transportation to
a multi-billion dollar global business," said Fred Green, President and CEO of
Canadian Pacific. "This is an important business for CP, and CFF has been a
strategic intermodal partner from the start. With this 10-year extension to
our agreement, and continued strong global demand for our services, there are
great growth opportunities for both CFF and CP."
Together, CFF and CP offer shippers the ability to combine the long-haul
efficiency of railway transportation with the speed and convenience of a
dock-to-dock carrier. CFF and CP understand the demands of LTL customers.
While CP depends on CFF to provide seamless LTL service, freight
consolidation, deconsolidation, warehousing and transshipping, CFF relies on
CP to provide safe and reliable rail-based intermodal service across Canada
and around the world.
About Canadian Pacific
Canadian Pacific, through the ingenuity of its employees located across
Canada and in the United States, remains committed to being the safest, most
fluid railway in North America. Our people are the key to delivering
innovative transportation solutions to our customers and to ensuring the safe
operation of our trains through the more than 900 communities where we
operate. Our combined ingenuity makes CPR a better place to work, rail a
better way to ship, and North America a better place to live. Come and visit
us at www.cpr.ca to see how we can put our ingenuity to work for you. Canadian
Pacific is proud to be the official rail freight services provider for the
Vancouver 2010 Olympic and Paralympic Winter Games.
About Consolidated Fastfrate
Consolidated Fastfrate is one of the largest privately owned provider of
transportation and logistics in Canada, employing more then 1,600 people and
transporting more then 2 billion pounds of freight annually. Fenway Partners
and Westerkirk Holdings owns a combined 75% of the company while CFF
management owns 25%.
Founded in 1966, CFF has grown into a diversified transportation company
whose services include: LTL and truckload from any point to any point within
Canada and the northeast and mid-west United States, national drayage
services, cartage, warehousing, transloading on both the west and east coasts,
special operational direct ship program for select retailers and third party
logistics. CFF has 17 operating terminals across Canada and a sales office in
Shanghai, China. CFF has been the recipient of numerous awards, including one
of Canada's 50 best managed companies for 7 years running.
/NOTE TO PHOTO EDITORS: A photo accompanying this release is available on
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For further information:
For further information: Media: Canadian Pacific, Mike LoVecchio, Tel.:
(778) 772-9636, email: email@example.com; Consolidated Fastfrate, Doug
Payne, Tel.: (905) 893-2600 Ext. 258, email: firstname.lastname@example.org