CP Rail, Kansas City Southern Rail to combine next month under new name
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CALGARY – Canadian Pacific Railway Ltd. says it will officially combine with Kansas City Southern Railway Co. on April 14 under a new name, Canadian Pacific Kansas City.
The Calgary company says CP’s president and chief executive Keith Creel will helm the new company with CP’s Nadeem Velani to serve as the merged business’s chief financial officer.
KCS president and chief executive Pat Ottensmeyer will become an advisor to Creel through the remainder of 2023 to foster continuity.
CP says the new company will operate the first single-line railway connecting the U.S., Mexico and Canada.
It is expected to shift about 64,000 truckloads annually from North America’s roads to rail.
CP and KCS got approval for the takeover from the U.S. Surface Transportation Board earlier this week, clearing the final hurdle for the US$31 billion deal signed in December 2021 to close.
This report by The Canadian Press was first published March 17, 2023.
Companies in this story: (TSX:CP, TSX:CNR)