CPR inks massive deal with LTL fleet (January 01, 2002)
January 1, 2002
TORONTO, Ont. - The Canadian Pacific Railway (CPR) and Consolidated Fastfrate signed a 10-year, $400-million contract to formally link the two transportation giants in partnership.The deal is designed...
TORONTO, Ont. – The Canadian Pacific Railway (CPR) and Consolidated Fastfrate signed a 10-year, $400-million contract to formally link the two transportation giants in partnership.
The deal is designed to set a new industry standard for the movement of less-than-truckload (LTL) freight.
“The signing of this contract is a source of great pride and satisfaction for all members of the CPR family and not just because of its positive financial implications,” says CPR president Robert Ritchie. “Since 1965 we have satisfied Consolidated Fastfrate’s service and price needs to such an extent that it is partnering with us exclusively for the next decade.”
CPR and Fastfrate – Canada’s largest LTL carrier – will now offer combined rail and truck service for LTL freight throughout Canada, the U.S. and Mexico, using intermodal containers. The two companies expect the contract will lead to a 25-per cent increase in the value of LTL transportation business for the railway, as well as providing a solid foundation for further growth.
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