CALGARY, June 7, 2018 /CNW/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) announced today it plans to invest more than a half-billion dollars on new high-capacity grain hopper cars as part of its commitment to the North American agricultural sector. CP grain shippers can expect to see more than 500 of these new cars in service before the end of 2018, enabling CP to transport more grain in each dedicated train.

"For more than 100 years, grain has been embedded in CP's DNA," said CP President and Chief Executive Officer Keith Creel. "We know farmers depend on us to transport their product efficiently, safely and reliably to market. It's the largest sector of CP's business by revenue, and we're committed to continuous improvement for the benefit of our customers and the North American economy. These new railcars will revitalize our fleet and help cement our status as an industry leader in grain transportation for decades to come."

CP's plans for revitalizing its grain hopper fleet begin with an initial order for 1,000 cars from National Steel Car of Hamilton, Ont. Over the next four years, CP plans to order approximately 5,900 hopper cars in total, enabling a complete removal of all low-capacity hoppers, including all Government of Canada cars, from the fleet. The investment is made possible by changes to the Maximum Revenue Entitlement formula through the passage of the Transportation Modernization Act, Act C-49, which provided CP the certainty needed to place the order. CP will be the first Class 1 railway to receive hoppers as...More