CP Rail closes on US$215M sale of southern portion of Delaware & Hudson
by Canadian Manufacturing.com Staff
Railway hands over 280 miles of track to Norfolk Southern
CALGARY—Canadian Pacific Railway Ltd. has completed the sale of more than 280 miles of track in New York and Pennsylvania to American railroad company, Norfolk Southern Corp.
The US$214.5 million deal was first announced late last year and approved by the U.S. Surface Transportation Board May 15.
“We are pleased to have completed this transaction in partnership with Norfolk Southern,” Keith Creel, CP president and COO, said. “The sale allows CP to create value for our shareholders while better aligning the route with the railroad that already moves the majority of traffic over it.”
CP said the D&H South sale includes all branch lines and industrial spurs that connect to the Sunbury-Schenectady main line, plus some equipment, vehicles and parts. CP formally ceased operations and handed over the line Sept. 18.
Approximately 45,000 CP carloads and shipping containers move across the line annually, including consumer goods, salt, grain and forest products.
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