Benzinga | Dec 28, 2021 11:38AM EST

Canadian Pacific Inks Multi-Year Contract Extension With Canadian Tire

* Canadian Pacific Railway Ltd (NYSE:CP) and Canadian Tire Corp Ltd (OTC:CDNAF) entered a multi-year agreement to continue moving the retailer's goods in Canada. Deal terms were not disclosed.

* The agreement establishes the ability for Canadian Tire to explore sourcing and optionality opportunities with CP's network reach.

* To support the efficient movement of CTC's goods and reduce carbon emissions, CP will begin directly serving Ashcroft Terminal in Ashcroft, B.C., reducing the need to shift volumes to trucks.

* Price Action: CP shares are trading higher by 0.42% at $71.72 and CDNAF at $141.61 on the last check Tuesday.