Canadian Pacific announces multi-year contract extension with Canadian Tire Corporation
CALGARY, AB, December 28, 2021 / CNW / – Canadian Pacific Railway (TSX: CP) (NYSE: CP) and Canadian Tire Corporation Limitée (CTC) (TSX: CTC, TSX: CTC.a) today announced a multi-year agreement to continue moving retailer merchandise in Canada.
“CP is proud to continue its nearly century-long commercial relationship with Canadian Tire, another iconic Canadian brand,” said Keith creel, President and CEO of CP. “As the largest importer of containers in Canada, CTC will benefit from the industry-leading service, reliability and network capacity of CP through Canada. “
To support the efficient movement of CTC goods and reduce carbon emissions, CP will begin direct service to the Ashcroft terminal by Ashcroft, BC, reducing the need to move volumes to the truck.
“CP was one of our most trusted long-time partners and played an important role in the initial growth of the business. As we enter our 100e year of operation, we are pleased to continue to work with CP to ensure that our products move efficiently across the country to meet the needs of our customers, ”said Greg hicks, President and CEO of Canadian Tire Corporation. “Our commitment to operate as a sustainable Canadian brand aligns with CP’s efforts to reduce greenhouse gas emissions by creating supply chain efficiencies, and we look forward to working together to further ” other initiatives to reduce carbon emissions in Canada. “
The deal builds on more than 90 years of shared successes the companies have had in effectively servicing CTC dealers and corporate stores. Additionally, it allows the CTC to explore procurement and options opportunities through the broad reach of CP’s network.
Note on forward-looking information
This press release contains certain forward-looking information and statements (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information includes, without limitation, statements regarding expectations, beliefs, plans, goals, objectives, assumptions and statements regarding possible events, conditions and results of future operations or performance. . Forward-looking information may contain statements with words or titles such as “financial expectations”, “key assumptions”, “will”, “anticipate”, “believe”, “expect”, “plan”, “should” , “Engage” or similar words suggesting future results.
This press release contains forward-looking information regarding, but not limited to, the delivery of Canadian Tire’s merchandise by CP, the future growth of business with Canadian Tire, the future use of the Ashcroft terminal and related matters. at the between CP and Canadian Tire.
Forward-looking information contained in this press release is based on current expectations, estimates, projections and assumptions, taking into account CP’s experience and its perception of historical trends, and includes, without limitation, expectations. , estimates, projections and assumptions. respecting: railway energy efficiency and CP operations; the impacts of existing and planned capital investments; North American and global economic growth; growth in demand for raw materials; agricultural production; commodity prices and interest rates; the performance of our assets and equipment; applicable laws, regulations and government policies; the availability and cost of labor on time and with the required capacities, as well as the availability and cost of services and infrastructure; the satisfaction by third parties of their obligations to CP; the anticipated impacts of the novel strain of coronavirus (and the disease known as COVID-19) and its variants; and capital investments by third parties. Although CP believes that the expectations, estimates, projections and assumptions reflected in the forward-looking information presented herein are reasonable as of the date hereof, there can be no assurance that they will prove to be correct. Current economic and other conditions make assumptions, while reasonable when made, subject to greater uncertainty.
Forward-looking information should not be relied on unduly, as actual results may differ materially from those expressed or implied by forward-looking information. By their nature, CP forward-looking information involves inherent risks and uncertainties that could cause actual results to differ materially from forward-looking information, including, but not limited to, the following factors: changes in strategies commercial; general economic, credit and business conditions in North America and the world; risks associated with agricultural production, such as weather conditions and insect populations; the availability and price of energy raw materials; the effects of competition and price pressures, including competition from other rail carriers; industry capacity; changes in market demand; changes in the prices of raw materials; uncertainty surrounding the timing and volumes of goods shipped; inflation; geopolitical stability; changes in laws, regulations and government policies, including rate regulation; changes in taxes and tax rates; potential increases in maintenance and operating costs; changes in fuel prices; interruption of fuel supplies; uncertainties in investigations, proceedings or other types of claims and disputes; labor disputes; changes in labor costs and labor difficulties; the risks and liabilities arising from derailments; transport of dangerous goods; the schedule for the completion of capital and maintenance projects; currency and interest rate fluctuations; exchange rate; the effects of changes in market conditions and discount rates on the financial position of pension plans and investments; trade restrictions or other changes in international trade agreements; the effects of current and future multinational trade agreements on the level of trade between Canada and the United States; climate change and market and regulatory responses to climate change; the planned commissioning dates; the success of hedging activities; operational performance and reliability; regulatory and legislative decisions and actions; public opinion; various events that could disrupt operations, including severe weather events, such as droughts, floods, avalanches and earthquakes, and cybersecurity attacks, as well as security threats and government response to them. ci, and technological changes; acts of terrorism, war or other acts of violence or crime or risk of such activities; the limits of insurance coverage; significant adverse changes in economic and industrial conditions, including the availability of short and long term financing; the pandemic created by the COVID-19 epidemic and its variants and the resulting effects on economic conditions, the demand environment for logistics needs and energy prices, restrictions imposed by the authorities of public health or governments, fiscal and monetary policy responses of governments and financial institutions, and disruptions to global supply chains. The foregoing list of factors is not exhaustive. These and other factors are detailed from time to time in reports filed by CP with securities regulators in Canada. Canada and United States. Reference should be made to “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Forward-Looking Statements” in CP’s annual and interim reports on Forms 10-K and 10-Q.
The forward-looking information contained in this press release is made as of the date hereof. Except as required by law, CP assumes no obligation to publicly update or revise any forward-looking information, or the aforementioned assumptions and risks affecting such forward-looking information, whether as a result of new information, future events or otherwise.
About Canadian Pacific
The Canadian Pacific Railway is a transcontinental railway in Canada and United States with direct connections to the main ports of the west and east coasts. CP provides North American customers with competitive rail service with access to key markets around the world. CP grows with its customers, offering a range of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail benefits of CP. CP-IR
About the Canadian Tire Corporation
Canadian Tire Corporation Limited (TSX: CTC.A) (TSX: CTC) or “CTC”, is a group of companies comprising a Retail segment, a Financial Services division and CT REIT. Our retail business is run by Canadian Tire, which was founded in 1922 and provides Canadians with lifetime products in Canada in its Living, Playing, Fixing, Automotive and Seasonal & Gardening divisions. Party City, PartSource and Gas + are key parts of the Canadian Tire network. The Retail segment also includes Mark’s, a leading source of casual and industrial clothing; Pro Hockey Life, a store specializing in hockey for elite players; and SportChek, Hockey Experts, Sports Experts and Atmosphere, which offer the best brands in sportswear. The more than 1,700 retail and gasoline outlets are supported and strengthened by CTC’s financial services division and the tens of thousands of people employed across Canada and around the world by CTC and its local petroleum product dealers, franchisees and retailers. Additionally, CTC owns and operates Helly Hansen, a leading outdoor tech brand based in Oslo, Norway. For more information, visit Corp.CanadianTire.ca.
SOURCE Canadian Pacific
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