JACKSONVILLE, Fla., Jan. 25, 2013 /PRNewswire/ -- CSX Corporation (CSX) and its transportation and intermodal terminals subsidiaries today announced an expansion of the company's intermodal presence in the greater Montreal region and Quebec. CSX's intermodal terminals subsidiary will build a new 36-hectare (89-acre) intermodal rail terminal in the City of Salaberry-de-Valleyfield in Quebec, connecting the region with CSX Transportation's (CSXT) 34,000 kilometer (21,000-mile) rail network in the United States.
Michael J. Ward, CSX's Chairman, President and Chief Executive Officer, made the announcement today in Salaberry-de-Valleyfield at a press conference with Quebec's Transport Minister Sylvain Gaudreault and Salaberry-de-Valleyfield Mayor Denis Lapointe.
The new $100 million project will enable shippers in the region to capitalize on the economic and environmental benefits of intermodal rail, expand on the north-south trade opportunities offered by NAFTA, and connect to new markets. The project is expected to create about 600 jobs during construction and lead to the creation of more than 300 permanent jobs when completed. Construction is expected to start in the spring of 2013 and the terminal is expected to open in 2015.
"We believe this new terminal will provide immediate and long-term benefits to Quebec and to Salaberry-de-Valleyfield," said Mr. Ward. "The terminal will provide an anchor for the development of new business, helping boost the economy and create jobs while helping the environment and reducing congestion on the highways."Trains serving the terminal will connect through the Northwest Ohio intermodal hub, offering quick and efficient access to markets across the United States. Located in the Perron Industrial Park, the terminal will be close to the newly-completed Autoroute 30, providing easy access to the greater Montreal distribution and consumption market. As part of the project, the province of Quebec and Salaberry-de-Valleyfield will make improvements to the road network in the immediate vicinity of the terminal. The Quebec Ministry of Transportation will also support the project through a $6 million grant for the reduction of greenhouse emissions. The terminal is expected to handle up to 100,000 containers per year, using modern, rubber-tire gantry cranes to transfer containers between trains and trucks.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts