CN announced last week that it had expanded its supply chain offerings with the acquisition of the Canadian TransX Group of Companies, one of that nation’s oldest and largest transportation companies.
“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,” Mike Jones, chief operating officer of The TransX Group of Companies, said.
The company will remain based in Winnipeg, Canada and operate independently from CN.
Though terms of the deal have not been disclosed, and still requires regulatory review from both Competition Bureau Canada and Canada’s Ministry of Transportation, CN is already talking in broad strokes about what the move means for their future.
“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,” JJ Ruest, president and CEO of CN, said. “TransX has a 55-year history of providing innovative customer solutions in an industry that continues to evolve. This alignment creates a solid framework to serve a growing consumer economy with transportation options that bring more supply chain flexibility to our customers.”
TransX has been in operation since 1963 and currently has more than 2,600 employees.