Canadian Pacific Railway Limited announced Tuesday that it has acquired Steelcare Inc., Canada's largest steel transload facility.
"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, CP Vice President of Strategic Planning and Transportation Services.
Steelcare is a transload and distribution hub providing superior transloading, warehousing and distribution services of steel products. 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. The transaction includes TransCare Logistics Corporation, Prometheus Six Inc. and East Port Warehousing & Distribution.
Projected yearly revenue as a result of the transaction is approximately $10 million.
The intent is to keep the current management structure and employees in place. Clements will also serve as Steelcare's Executive Vice President.