CN buys New York state rail line from CSX to broaden reach between Canada and U.S.
Rail freight giant to acquire 220 miles of track between Montreal and Syracuse.
Canadian National Inc. (CN) railway has agreed to acquire more than 220 miles of track from CSX, expanding the Canadian rail line's reach into the eastern U.S.
Under the agreement announced yesterday, CN would acquire CSX' Massena rail line, which stretches from Valleyfield, Quebec, just south of Montreal, to Woodard, N.Y., just north of Syracuse.
Terms of the deal were not disclosed and the acquisition is subject to regulatory review.
Montreal-based CN said the deal opens up new markets for its freight service. "With this acquisition from CSX, we are opening up new opportunities for our existing customers and local businesses who will be able to access new markets through CN's unique three coasts network," JJ Ruest, president and chief executive officer at CN, said in a release. "By acquiring the Massena rail line, CN continues to expand our network and foster additional supply chain solutions."
The Massena rail line also serves many cities in the province of Quebec, including Beauharnois and Huntingdon, and in the state of New York, including Massena, Norwood, Potsdam, and Gouverneur.
The deal follows an Aug. 8 announcement by CN and CSX to offer new intermodal service between CN's greater Montreal & Southern Ontario network, and the CSX-served ports of Philadelphia, New York, New Jersey, and the New York City metropolitan area. Set to begin service on Oct. 7, that deal is intended to move more freight from trucks to rail, reducing congestion in New York in a sustainable manner, CN said.
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