Canadian Pacific Buys Steelcare

(RTTNews) - Canadian Pacific Railway Ltd (CP, CP.TO) on Tuesday said it has acquired Steelcare Inc, Canada's largest steel transload facility. The financial terms of the deal were not disclosed.

The company expects the deal to contribute yearly revenue of about $10 million.

"CP is committed to exceptional customer service and with direct ownership of Steelcare, we are better equipped to manage our own supply chain and utilize our in-house expertise," said James Clements, Canadian Pacific Vice President of Strategic Planning and Transportation Services.

Steelcare's Plant Six facility in CP's Aberdeen yard in Hamilton, Ontario, is a 168,000-square-foot facility featuring two drive-through rail and truck loading and unloading areas. Steelcare is able to handle up to 1.5 million tons of rail transload product in a given year.