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Canadian Pacific Railway and trucking firm Consolidated Fastfrate (CFF) recently reached a $500 million agreement to extend their intermodal partnership contract another 10 years.

Partners since 1966, CPR and CFF offer less-than-truckload shippers the combination of long-haul rail and dock-to-dock transportation services. CFF also provides freight consolidation, deconsolidation, warehousing and transshipping services.

Under their co-location program, CFF builds all its transportation centers adjacent to CPR intermodal terminals to gain service efficiencies and reduce operating costs.

"Over the past 40 years, we have seen the incredible growth and development of the intermodal industry, from a minor mode of transportation to a multi-billion-dollar global business," said CPR President and Chief Executive Officer Fred Green in a prepared statement. "With this 10-year extension to our agreement, and continued strong global demand for our services, there are great growth opportunities for both CFF and CPR."