CALGARY: Canadian Pacific Railway Limited has completed the sale to Norfolk Southern Corp. of more than 280 miles of track from Schenectady, N.Y., to Sunbury, Pa.
The US$214.5 million sale (subject to adjustments) of the Delaware & Hudson South (D&H) was first announced November 14, 2014 and approved by the U.S. Surface Transportation Board on May 15, 2015.
“We are pleased to have completed this transaction in partnership with Norfolk Southern,” said Keith Creel, CP President and Chief Operating Officer. “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.”
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 will formally cease rail operations on the corridor this evening.
Approximately 45,000 CP carloads and shipping containers move across the line annually, including consumer goods, salt, grain and forest products, said the company.
In the past, CP has run its Holiday Train over the D&H South but due to the completion of this transaction, will no longer visit communities in this corridor. However, this year CP will make one final donation to the food shelves it has previously supported in the area.
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