8 June 2006
Canadian Pacific Railway Announces Long-Term Agreement with Toyota
Canadian Pacific Railway announced today that it has entered into
a long-term agreement with Toyota Motor Sales to provide rail service to Toyota's new automotive plant at Woodstock,
Ontario.
"This is a real-time outcome of our focus on Execution Excellence and one that builds on our already strong
partnership with Toyota," said Fred Green, President and CEO of CPR. "We have been supplying rail service to Toyota's
Cambridge plant for more than 17 years and this agreement demonstrates that Toyota is confident in CPR's ability to provide the same
quality rail service to their new Woodstock plant."
The Toyota Woodstock plant will be opened in 2008. When completed, it will have the capacity to build 150,000 units annually of Toyota's
RAV4 sport utility vehicle. CPR will be the primary rail carrier providing transportation for finished vehicles manufactured at the
plant to markets throughout North America.
CPR has commenced an environmental assessment for a new rail facility to service the Toyota plant. As part of this process, public
consultation with local residents and municipal officials has begun, and will be on-going.
Toyota established operations in North America in 1957 and will operate 15 manufacturing plants in North America by 2008. There are
more than 1,700 Toyota, Lexus and Scion dealerships in North America which sell more than 2.5 million vehicles a year. Toyota directly
employs over 38,000 in North America and its investment here is currently valued at more than $16.8 billion, including sales and
manufacturing operations, research and development, financial services and design. Toyota's annual purchasing of parts, materials, goods
and services from North American suppliers totals more than $26 billion. According to a 2005 Center for Automotive Research study,
Toyota, along with its dealers and suppliers, has generated nearly 400,000 U.S. jobs, including jobs created through spending by
direct, dealer and suppliers employees.
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