CP, Canadian Tire ink contract extension

Canadian Pacific and Canadian Tire Corp. today announced a multiyear agreement through which the Class I will continue moving the retailer's goods in Canada.

To support the efficient movement of Canadian Tire's goods and reduce carbon emissions, CP will begin directly serving Ashcroft Terminal in Ashcroft, British Columbia, reducing the need to shift volumes to truck, officials at both companies said in a joint press release.

The agreement builds on the more than 90 years of shared success the companies have had servicing Canadian Tire’s dealer and corporate stores, they added.

In addition, the pact enables Canadian Tire to explore sourcing and optionality opportunities with CP's network.

"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," said Greg Hicks, Canadian Tire's president and CEO.