MONTREAL and WINNIPEG, Manitoba, March 22, 2019 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today announced it has closed the transaction announced on October 30, 2018, pursuant to which CN acquires Winnipeg-based The TransX Group of Companies, one of Canada’s largest and oldest transportation companies.

“We are pleased to have concluded this important transaction that allows us to deepen our supply chain focus and to continue to offer the best services to our customers, from the first mile to the last mile. This transaction will support the safe and efficient movement of our customers’ goods to their end markets in a fast-growing consumer economy,” said JJ Ruest, President and Chief Executive Officer of CN.

Mike Jones, Chief Operating Officer of The TransX Group of Companies said, “Through our talented team of people, we are looking forward to continue to improve our standard of excellence in our solution based, customer focused products, and integrated solutions.”  

As previously announced on October 30, 2018, TransX will continue to be based in Winnipeg and will operate independently.

“CN and TransX have been supply chain partners for many years. With the acquisition of TransX, CN will continue to support the wholesale and beneficial cargo owner customers, including in the growing, service sensitive, refrigerated transportation business. CN will continue to expand capacity and foster additional supply chain solutions to help our partners and customers win in their marketplace,” said Keith Reardon, CN’s Senior Vice-President, Consumer Products Supply Chain Growth.

All conditions precedent to closing were satisfied. The terms of the deal were not disclosed.

Forward-looking statements
Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause the actual results or performance of the Company to be materially different from the outlook or any future results or performance implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements include, but are not limited to, the effects of general economic and business conditions; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors.

Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

CN is a true backbone of the economy, transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the Company’s website at www.cn.ca.