CN has announced it has reached an agreement to acquire one of the oldest and largest Canadian transportation companies, The TransX Group of Companies. TransX will continue to be based in Winnipeg and will operate independently.
“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 Jean-Jacques Ruest, president and Chief Executive Officer of CN.
“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.
The terms of the deal were not disclosed and the acquisition is subject to regulatory review by Competition Bureau Canada and Canada’s Ministry of Transportation.
Source: CN
