Canadian Pacific completes sale of the southern portion of its Delaware & Hudson line

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Canadian Pacific completes sale of the southern portion of its Delaware & Hudson line

September 18, 2015 Calgary, AB

​​​​Canadian Pacific Railway Limited (TSX:CP)(NYSE:CP) today completed the sale to Norfolk Southern Corp. (NS) of more than 280 miles of track from Schenectady, N.Y., to Sunbury, Pa.

The US$214.5 million sale (subject to adjustments) of the Delaware & Hudson South (D&H) was first announced November 14, 2014 and approved by the U.S. Surface Transportation Board on May 15, 2015.

"We are pleased to have completed this transaction in partnership with Norfolk Southern," said Keith Creel, CP President and Chief Operating Officer. "The sale allows CP to create value for our shareholders while better aligning the route with the railroad that already moves the majority of traffic over it."

The D&H South sale includes all branch lines and industrial spurs that connect to the Sunbury-Schenectady main line, plus some equipment, vehicles and parts. CP will formally cease rail operations on the corridor this evening.​

Approximately 45,000 CP carloads and shipping containers move across the line annually, including consumer goods, salt, grain and forest products.

In the past, CP has run its Holiday Train over the D&H South but due to the completion of this transaction, will no longer visit communities in this corridor. However, this year CP will make one final donation to the food shelves it has previously supported in the area.​


 

andrewjonathon

New Member
It will be very interesting to see if this transaction results in additional traffic over the route. I assume NS has such plans if they were willing to pay $214 million for the route.
 




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