CALGARY, AB, Dec. 28, 2021 /PRNewswire/ - 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.
Note on forward-looking information
This news release
contains certain forward-looking information and forward-looking
statements (collectively, "forward-looking information") within the
meaning of applicable securities laws. Forward-looking information
includes, but is not limited to, statements concerning
expectations, beliefs, plans, goals, objectives, assumptions and
statements about possible future events, conditions, and results of
operations or performance. Forward-looking information may contain
statements with words or headings such as "financial expectations",
"key assumptions", "will", "anticipate", "believe", "expect",
"plan", "should", "commit" or similar words suggesting future
outcomes.
This news release contains forward-looking information relating,
but not limited, to, the delivery Canadian Tire's goods by CP, the
future growth of the business with Canadian Tire, future use of the
Ashcroft Terminal, and related matters associated with the
long-term agreement between CP and Canadian Tire.
The forward-looking information contained in this news release
is based on current expectations, estimates, projections and
assumptions, having regard to CP's experience and its perception of
historical trends, and includes, but is not limited to,
expectations, estimates, projections and assumptions relating to:
the fuel efficiency of railways and CP's operations; the impacts of
existing and planned capital investments; North American and global
economic growth; commodity demand growth; agricultural production;
commodity prices and interest rates; performance of our assets and
equipment; applicable laws, regulations and government policies;
the availability and cost of labour on the timelines anticipated
and with the capabilities required, as well as the availability and
cost of services and infrastructure; the satisfaction by third
parties of their obligations to CP; the anticipated impacts of the
novel strain of coronavirus (and the disease known as COVID-19) and
its variants; and capital investments by third parties. Although CP
believes the expectations, estimates, projections and assumptions
reflected in the forward-looking information presented herein are
reasonable as of the date hereof, there can be no assurance that
they will prove to be correct. Current conditions, economic and
otherwise, render assumptions, although reasonable when made,
subject to greater uncertainty.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from those
expressed or implied by forward-looking information. By its nature,
CP's forward-looking information involves inherent risks and
uncertainties that could cause actual results to differ materially
from the forward looking information, including, but not limited
to, the following factors: changes in business strategies; general
North American and global economic, credit and business conditions;
risks associated with agricultural production, such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures, including competition from other rail carriers; industry
capacity; shifts in market demand; changes in commodity prices;
uncertainty surrounding timing and volumes of commodities being
shipped; inflation; geopolitical stability; changes in laws,
regulations and government policies, including regulation of rates;
changes in taxes and tax rates; potential increases in maintenance
and operating costs; changes in fuel prices; disruption in fuel
supplies; uncertainties of investigations, proceedings or other
types of claims and litigation; labour disputes; changes in labour
costs and labour difficulties; risks and liabilities arising from
derailments; transportation of dangerous goods; timing of
completion of capital and maintenance projects; currency and
interest rate fluctuations; exchange rates; effects of changes in
market conditions and discount rates on the financial position of
pension plans and investments; trade restrictions or other changes
to international trade arrangements; the effects of current and
future multinational trade agreements on the level of trade among
Canada and the U.S.; climate
change and the market and regulatory responses to climate changes;
anticipated in-service dates; success of hedging activities;
operational performance and reliability; regulatory and legislative
decisions and actions; public opinion; various events that could
disrupt operations, including severe weather events, such as
droughts, floods, avalanches and earthquakes, and cybersecurity
attacks, as well as security threats and governmental response to
them, and technological changes; acts of terrorism, war or other
acts of violence or crime or risk of such activities; insurance
coverage limitations; material adverse changes in economic and
industry conditions, including the availability of short and
long-term financing; the pandemic created by the outbreak of
COVID-19 and its variants and resulting effects on economic
conditions, the demand environment for logistics requirements and
energy prices, restrictions imposed by public health authorities or
governments, fiscal and monetary policy responses by governments
and financial institutions, and disruptions to global supply
chains. The foregoing list of factors is not exhaustive.
These and other factors are detailed from time to time in reports
filed by CP with securities regulators in Canada and the
United States. Reference should be made to "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations - Forward-Looking Statements" in CP's
annual and interim reports on Form 10-K and 10-Q.
The forward-looking information contained in this news release
is made as of the date hereof. Except as required by law, CP
undertakes no obligation to update publicly or otherwise revise any
forward-looking information, or the foregoing assumptions and risks
affecting such forward-looking information, whether as a result of
new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific is a
transcontinental railway in Canada
and the United States with direct
links to major ports on the west and east coasts. CP provides North
American customers a competitive rail service with access to key
markets in every corner of the globe. CP is growing with its
customers, offering a suite of freight transportation services,
logistics solutions and supply chain expertise. Visit cpr.ca to see
the rail advantages of CP. CP-IR
About Canadian Tire Corporation
Canadian
Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or "CTC", is a
group of companies that includes a Retail segment, a Financial
Services division and CT REIT. Our retail business is led by
Canadian Tire, which was founded in 1922 and provides Canadians
with products for life in Canada
across its Living, Playing, Fixing, Automotive and Seasonal &
Gardening divisions. Party City, PartSource and Gas+ are key parts
of the Canadian Tire network. The Retail segment also includes
Mark's, a leading source for casual and industrial wear; Pro Hockey
Life, a hockey specialty store catering to elite players; and
SportChek, Hockey Experts, Sports Experts and Atmosphere, which
offer the best active wear brands. The more than 1,700 retail and
gasoline outlets are supported and strengthened by CTC's Financial
Services division and the tens of thousands of people employed
across Canada and around the world
by CTC and its local dealers, franchisees and petroleum retailers.
In addition, CTC owns and operates Helly Hansen, a leading
technical outdoor brand based in Oslo,
Norway. For more information, visit
Corp.CanadianTire.ca.
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SOURCE Canadian Pacific