CP announces multi-year contract extension with CTC

Canadian Pacific (TSX: CP, NYSE: CP) and Canadian Tire Corporation, Limited (CTC) (TSX:CTC, TSX:CTC.a) announced today a multi-year agreement to continue moving the retailer’s goods in Canada.

“CP is proud to continue our near-century-long commercial relationship with Canadian Tire, another iconic Canadian brand,” said Keith Creel, CP President and Chief Executive Officer. “As the single largest container importer in Canada, CTC will benefit from CP’s leading service, reliability and network capacity across Canada.”

To support the efficient movement of CTC’s goods and reduce carbon emissions, CP will begin directly serving Ashcroft Terminal in Ashcroft, B.C., reducing the need to shift volumes to truck.

“CP has been one of our most trusted and long-standing partners, and played an important role in the Company’s early growth. As we embark on our 100th year in business, we are pleased to continue working together with CP to ensure our products move efficiently across the country to meet our customers’ needs,” said Greg Hicks, Canadian Tire Corporation President and Chief Executive Officer. “Our commitment to operate as a sustainable Canadian brand aligns to CP’s efforts to reduce greenhouse gas emissions by creating efficiencies in the supply chain, and we look forward to collaborating on further initiatives to reduce carbon emissions in Canada.”

The agreement builds on the more than 90 years of shared successes the companies have had efficiently servicing CTC’s dealer and corporate stores. Furthermore, it establishes the ability for CTC to explore sourcing and optionality opportunities with CP’s extensive network reach.