Consolidated Fastfrate (CFF), one of the largest privately owned transportation and logistics services in Canada, today announced a proposed 10,000 sq. ft. cross dock facility, co-located with Canadian Pacific’s intermodal rail yard, as the first phase of a multi-phased project that would start construction at the Global Transportation Hub (GTH) in the spring of 2012.
CFF Executive Chairman Ron Tepper, CFF West Region Vice President Kevin Hankinson and Saskatchewan Minister Responsible and Chair of the GTH, the Hon. Bill Boyd, today announced the 10-acre development, which is scheduled to be operational on or before fall of 2013. CFF has an option for further expansion.
“The relocation of Canadian Pacific (CP) and its intermodal facility to the GTH is significant to CFF,” Tepper said. “The relationship with CP started in 1966 and through this partnership over the following 20 years, Fastfrate became the largest boxcar shipper of LTL freight in Canada.”
“In 1998, a co-location program was then created to move Fastfrate from boxcar to intermodal, this required Fastfrate to invest into new facilities across the country and did so with CP intermodal,” added Tepper. “The result today is that Fastfrate has the newest and largest LTL infrastructure, and this has allowed the company to grow to the largest privately owned LTL shipper in the country handling in excess of 2 billion pounds of freight and over 600,000 shipments annually by rail.”
“In many ways CFF and CP pioneered the intermodal co-location strategy which facilitates streamlined transload processes between trucks and trains,” said CP President and CEO Fred Green. “For a number of customers, including CFF, co-location dramatically reduces costs, lowers transit times, and allows for new market growth,” he said.
Minister Boyd said the addition of Consolidated Fastfrate to the GTH will continue to strengthen its reputation as a dynamic new and generational development.
“The GTH is helping manufacturers, suppliers and distributors move their products throughout Canada and around the world creating hundreds of new jobs and professional career opportunities in global logistics, supply chain management and quality assurance for Saskatchewan people,” Boyd said.
“Throughout the discussions of the relocation of CP’s intermodal yard to west Regina and the creation of the Global Transportation Hub, the co-location of related businesses has always been pivotal to the success of the GTH,” said Regina Mayor Pat Fiacco. “Today’s announcement affirms the vision for the GTH and the synergies that are created for the movement of goods.”
“As a long time financing partner to CFF, Roynat is pleased to support their development of another successful co-located transload facility with Canadian Pacific,” said Rania Llewellyn, President and CEO of Roynat Capital. “Over the past 19 years, Roynat has been a strong supporter of CFF’s growth, including providing creative financing solutions for 10 cross dock terminals across Canada.
About Consolidated Fastfrate:
For over 45 years Consolidated Fastfrate has provided market leading transportation services in western Canada that connects with Ontario, Quebec and Atlantic Canada. The company employs more than 1,600 people and transports more than two billion pounds of freight annually.
About Canadian Pacific:
Canadian Pacific (TSX:CP)(NYSE: CP) operates a North American transcontinental railway providing freight transportation services, logistics solutions and supply chain expertise. Incorporating best-in-class technology and environmental practices, CP is re-defining itself as a modern 21st century transportation company built on safety, service reliability and operational efficiency. Visit www.CPonTrack.com and see how Canadian Pacific is further driving shareholder value.
About Roynat Inc.
For more than 50 years, Roynat Inc. has been delivering creative capital solutions to businesses across North America. With 19 offices nationwide, Roynat offers financing alternatives by drawing on a broad range of financial solutions including term loans, leasing, subordinated debt and equity. Roynat Inc. is a wholly owned subsidiary of Scotiabank, one of North America's premier financial institutions and Canada's most international bank. For more information, visit www.roynat.com.
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