TORONTO — Canadian Pacific and longtime trucking partner Consolidated Fastfrate announced a new $500 million agreement that extends their existing contract for another decade.

“The strategic relationship we have with CP, which exists at every level of their organization, has been the foundation upon which we built our company,” said Ron Tepper, President and CEO of CFF.

CP and CFF have a historic partnership that dates back to 1966. The two companies made intermodal history when they embarked on a national co-location program. CFF’s decision to build all its centres adjacent to CP intermodal terminals has helped both organizations achieve success in the intermodal transportation industry, the company says.

CFF is the only LTL carrier in the country to have the strategic advantage of co-location with CP.

“Over the past forty years we have seen the incredible growth and development of the intermodal industry, from a minor mode of transportation to a multi-billion dollar global business,” said Fred Green, president and CEO of Canadian Pacific.

Together, CFF and CP offer shippers the ability to combine the long-haul efficiency of railway transportation with the speed and convenience of a dock-to-dock carrier. While CP depends on CFF to provide seamless LTL service, freight consolidation, deconsolidation, warehousing and transshipping, CFF relies on CP to provide safe and reliable rail-based intermodal service across Canada and around the world.