CN Buys TransX
Canadian National Railway (CN) has signed a deal to acquire the Winnipeg-based TransX Group of Companies as part of its strategy to expands its North American intermodal supply chain services.
TransX, one of Canada’s largest and oldest transportation companies, provides various transportation and logistics services, including intermodal, truckload, less than truckload and specialized services. The 55-year-old company will continue to be based in Winnipeg, Manitoba, and operate independently, CN officials said in a press release.
“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 JJ Ruest, president and chief executive officer of CN.
“This alignment creates a solid framework to serve a growing consumer economy with transportation options that bring more supply chain flexibility to our customers,” Ruest added.
Mike Jones, chief operating officer of The TransX Group of Companies, added, “CN’s acquisition solidifies our future as an industry-leading intermodal services provider in North America. We look forward to working with the CN team, which will allow us to continue building long-term customer confidence.”
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.