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Rail News: Canadian Pacific

CP acquires Steelcare Inc.

Canadian Pacific Railway Ltd. announced yesterday it has acquired Steelcare Inc., Canada's largest steel transload facility.

The acquisition puts CP in a better position to manage its own supply chain and use in-house expertise, said James Clements, CP’s vice president of strategic planning and transportation services, in a press release.

Steelcare is a transloading and distribution hub for steel products. Its Plant Six facility in CP's Aberdeen yard in Hamilton, Ontario, is a 168,000-square-foot facility featuring two drive-through rail and truck loading and unloading areas. Steelcare is able to handle up to 1.5 million tons of rail transload product annually.

The transaction includes TransCare Logistics Corp., Prometheus Six Inc. and East Port Warehousing & Distribution.

Projected yearly revenue as a result of the acquisition is $10 million. Financial details of the sale were not disclosed in the press release.

Contact Progressive Railroading editorial staff.

More News from 9/30/2015