CN Rail Acquires Trucking Company TransX
Canadian National Railway (CN) has signed a deal to acquire the Winnipeg-based TransX Group of Companies, one of Canada’s largest and oldest transportation companies.
“We are pleased to have concluded this important transaction that allows us to deepen our supply chain focus and to continue to offer the best services to our customers, from the first mile to the last mile. This transaction will support the safe and efficient movement of our customers’ goods to their end markets in a fast-growing consumer economy,” said JJ Ruest, President and Chief Executive Officer of CN.
Mike Jones, Chief Operating Officer of The TransX Group of Companies said, “Through our talented team of people, we are looking forward to continue to improve our standard of excellence in our solution based, customer focused products, and integrated solutions.”
As previously announced on October 30, 2018, TransX will continue to be based in Winnipeg and will operate independently.
“CN and TransX have been supply chain partners for many years. With the acquisition of TransX, CN will continue to support the wholesale and beneficial cargo owner customers, including in the growing, service sensitive, refrigerated transportation business. CN will continue to expand capacity and foster additional supply chain solutions to help our partners and customers win in their marketplace,” said Keith Reardon, CN’s Senior Vice-President, Consumer Products Supply Chain Growth.
All conditions precedent to closing were satisfied. The terms of the deal were not disclosed.