Canadian Pacific acquires steel transloading business
CANADA: Canadian Pacific Railway has acquired Steelcare Inc, which operates Canada's largest steel transloading facility at CP's Aberdeen yard in Hamilton, Ontario. The transaction announced on September 29 includes TransCare Logistics Corp, Prometheus Six and East Port Warehousing & Distribution businesses.
The Plant Six site in Hamilton has two drive-through rail to road transfer areas, with the capacity to handle up to 1·5 million tonnes/year. CP expects an annual revenue of C$10m from the acquisition, and intends to keep the current management structure and employees in place.
‘With direct ownership of Steelcare we are better equipped to manage our own supply chain and utilise our in-house expertise’, said James Clements, CP’s Vice-President of Strategic Planning & Transportation Services. Clements also becomes Executive Vice-President of Steelcare.