Ashcroft Terminal Ltd. has signed an investment agreement with Canadian Tire Corp., which will acquire a 25 percent equity interest in the company. PSA International Pte Ltd. will continue as the operator and retain a majority interest of 60 percent, with the remaining 15 percent interest held by founding partner CrescentView Investments Ltd.
It marks another step in the development of Ashcroft Terminal, with the partnership allowing the terminal to further invest in infrastructure growth and additional capacity over the long term. Canadian Tire is the country’s largest container importer, and Enno Koll — Ashcroft Terminal CEO — says the move will provide Canadian Tire with greater control over their end-to-end supply chain.
“Their investment will enhance the flexibility of [their] supply chain and drive longer-term savings and lower carbon emissions by allowing the company to stage more inventory in B.C. rather than shipping it back and forth across the country,” he says, adding that the investment will benefit all the terminal’s customers.
It will also create employment opportunities for the region, says Koll.
“Ashcroft Terminal has been steadily expanding infrastructure, and plans to continue to do so to meet the needs of Canadian shippers. We do expect over the longer term to increase our team and hire additional staff, which will provide employment opportunities for members of the local communities and First Nations in the vicinity of the terminal.”
While it is too early to determine the number of jobs that will be created, and over what period of time, Koll notes that the terminal is committed to hiring locally whenever possible, and will continue to provide employment and training opportunities.
“Ashcroft Terminal has become a hub to serve the needs of a broad range of industries and customers moving their products by rail. Canadian Tire will further diversify the customer base and enable Ashcroft Terminal to develop tailored solutions for retailers in North America, while continuing to grow its service offerings to bulk customers. The terminal is well-positioned to offer resilience in the supply chain of Canadian Tire and its other customers.”
The terminal is British Columbia’s largest inland port, and is the only major privately-owned industrial property in Canada which both Class 1 railroad lines — Canadian National and Canadian Pacific – run through. It has been in operation since 2001, and handles 7,000 rail cars and 6,000 trucks annually. It also provides rail car storage and transloading services for multi-modal transportation, materials handling, rail car inspections and repairs, and cargo solutions for its customers.