CN Acquires TransX
CN Expands its North American intermodal supply chain services with the acquisition of TransX
MONTREAL and WINNIPEG, Oct. 30, 2018 (GLOBE NEWSWIRE) - CN (TSX: CNR) (NYSE: CNI) today announced it has reached an agreement to acquire Winnipeg-based The TransX Group of Companies, one of Canada's largest and oldest transportation companies.
"This strategic acquisition allows CN to deepen its supply chain focus, strengthening our exceptional franchise, including our intermodal business, notably the specialized, fast-growing refrigerated segment," said JJ Ruest, president and chief executive officer of CN. "TransX has a 55-year history of providing innovative customer solutions in an industry that continues to evolve.
"This alignment creates a solid framework to serve a growing consumer economy with transportation options that bring more supply chain flexibility to our customers," Ruest concluded.
Mike Jones, chief operating officer of The TransX Group of Companies, added, "CN's acquisition solidifies our future as an industry leading intermodal services provider in North America. We look forward to working with the CN team, which will allow us to continue building long-term customer confidence."
TransX will continue to be based in Winnipeg and will operate independently.
"We thank Louie Tolaini, president and founder of the TransX Group of Companies, and his family for entrusting us with the reputation they built over the last six decades, "said Keith Reardon, CN's senior vice-president of consumer products and supply chain growth. CN has worked along side TransX for many years as a supply chain partner and we know the emphasis they place on the customer's experience and on their commitment to safety. Understanding each others culture makes the opportunties of this acquisition exciting, and wide ranging."