MONTREAL and WINNIPEG, Oct. 30, 2018 (GLOBE NEWSWIRE) — CN (TSX: CNR) (NYSE: CNI) today announced it has reached an agreement to acquire Winnipeg-based The TransX Group of Companies, one of Canada’s largest and oldest transportation companies.
“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,” said JJ Ruest, president and chief executive officer of CN. “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,” Ruest concluded.
Mike Jones, chief operating officer of The TransX Group of Companies, added, “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.”
TransX will continue to be based in Winnipeg and will operate independently.
“We thank Louie Tolaini, president and founder of The TransX Group of Companies, and his family for entrusting us with the reputation they built over the last six decades,” said Keith Reardon, CN’s senior vice-president of consumer products and supply chain growth. “CN has worked along side TransX for many years as a supply chain partner and we know the emphasis they place on the customer’s experience and on their commitment to safety. Understanding each other’s culture makes the opportunities of this acquisition exciting, and wide ranging.”
The terms of the deal were not disclosed and the acquisition is subject to regulatory review by Competition Bureau Canada and Canada’s Ministry of Transportation.
Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.
Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements include, but are not limited to, the risk that the TransX transaction, which is subject to closing conditions including regulatory approvals, not be completed, as well risk factors such as the effects of general economic and business conditions; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; increases in maintenance and operating costs; security threats; reliance on technology; trade restrictions; transportation of hazardous materials; various events which could disrupt operations, including natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should be made to Management’s Discussion and Analysis (MD&A) in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.
Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
CN is a true backbone of the economy whose team of approximately 26,000 railroaders transports more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the company’s website at www.cn.ca.
|Patrick Waldron||Paul Butcher|
|Media Relations||Investor Relations|
|(514) 399-8803||(514) 399-0052|
The Canada Revenue Agency (CRA) and Employment and Social Development Canada (ESDC) have clarified how they will treat the practice of so-called Driver Inc. by removing any grey area as it relates to the tax and labour status of incorporated drivers operating company vehicles.
The Driver Inc. model is based on commercial vehicle drivers, who do not own/lease or operate their own vehicle, becoming incorporated and receiving payment from their carrier with no source deductions. This practice opens the door to the possibility of widespread tax manipulation by those engaged in Driver Inc.
Read the full update on The Canadian Trucking Alliances website.
This past week, we had the pleasure of meeting with many professional drivers in Berlin, Germany as part of the Manitoba Provincial Nominee Program (MPNP) Information and Employer Engagement trip.
Winnipeg is a wonderful place to live and work and we are so happy to see so many professionals drivers who would like to come here and experience Winnipeg for themselves. Special thanks to every one who came out to the information sessions and to meet with us. We hope we were able to answer all your questions.
TransX is proud to announce that we will be joining the Manitoba Provincial Nominee Program staff in their Information and Employer engagement trip to Berlin, Germany from May 7th to May 11th. TransX will be joining other Manitoba employers in conducting interviews with individuals who meet the candidate assessment criteria to move to and work in Manitoba.
Interested in working and living in Canada?
The Manitoba Provincial Nominee Program (MPNP) enables individuals who meet assessment criteria in certain areas (NOC codes) to connect with Manitoba employers who are recruiting. For more information about the program and the Information and Employer engagement trip, please visit the MPNP website.
TransX Group of Companies will be recruiting Long Haul Transport Drivers (NOC 7511) .
If you are interested in living and working in Canada for the TransX Group of Companies, you must meet the following criteria to be eligible to take part in the MPNP program:
- Between 21 – 45 years of age
- Completion of secondary school Continue reading
Another big event we will be attending this Spring is Truck World, taking place in Mississauga, Ontario from April 19 – 21, 2018. Truck World brings together Canada’s trucking industry with over 500 exhibitors, new product showcases, as well as a job fair.
Truck World 2018
Date: April 19 – 21, 2018
Location: International Centre
6900 Airport Road, Mississauga, Ontario
We are looking forward to seeing everyone at the event and also finding out what’s new and exciting in our industry. We will be recruiting new drivers at the event, so if you’re interested in finding out what TransX has to offer, be sure to stop by.
We will be sharing more information as we get closer to the event. If you are not in the area or cannot make it to the event, our recruiters are always available to answer any questions you have. We recruit drivers from all across the country.
We are excited to once again be attending the Mega Job Fair for Truckers. The event will take place on Saturday, March 24th at the Pearson Convention Center in Brampton, Ontario.
If you are in the area and are looking for a job in the trucking industry, this is the event to attend. You will have the opportunity to meet with recruiters from around Canada and even be interviewed on the spot. The event also includes a lucky draw, live entertainment & snacks to make this event even more entertaining.
Why you should attend:
- 50+ top fleets participating
- Meet with recruiters in person
- Job opportunities for AZ drivers, DZ drivers, Owner Operators, Dispatchers, Certified Mechanics, etc.
- On the spot interviews offers are possible!
- Free parking
- Free entry
- Snacks & refreshments
- Lucky draw
- and the chance to meet with our TransX recruiters!
The event will run from 9:00 am to 4:30 pm with a full agenda for the day. For more information on the day’s agenda, visit the Mega Job Fair for Truckers’ official website.
We hope to see you there!
Here is another example of how hard work can pay off.
We are happy to announce another success story! This is Jagdeep, one of our newest Owner Operators. Jagdeep first started with TransX as a trainee. He worked hard, kept his nose clean, and quickly graduated to solo Canada/USA Company Driver. He continued to work hard and last summer, he bought his first truck which was a 2013 Frieghtliner Cascadia.
Aside from being a very hard worker, Jagdeep is also very friendly and well-liked by everyone who meets him. We always enjoy his happy attitude and smile when he comes in to the office.
Congratulations, Jagdeep, on your recent purchase of a brand new 2018 Western Star Tractor! We wish you continued success and a happy life for you and your young family!
We love being a part of our drivers’ success! We would like to congratulate Tanju and Ritu on their purchase of their 2018 Freightliner Cascadia!
[Photo credit: TransX Manitoba Recruiter, Steve Szabo]
After more than 5 years of with TransX as a hard working company driver and more recently as a husband/wife team, we wish you tremendous success and happiness as Owners Operators!