Savage Cos. buys CANAC from CN

Savage Cos. buys CANAC from CN

   Savage Cos. of Salt Lake City, Utah, has purchased the stock of industrial rail services provider CANAC from Canadian National Railway Corp. for an undisclosed price.

   Savage, which operates in 26 states and two Canadian provinces, provides a range of services to companies involved in oil refining, chemicals, coal production, electric power generation and rail services. It also operates large bulk terminals for coal, petroleum, coke and sulphur.

   CANAC has 32 locations in the United States and Canada, and provides rail infrastructure, engineering, capacity planning, signaling, and other consulting services.

   “This acquisition accelerates our growth in these railway sectors and provides a strong base for our increased presence in the important Canadian market,” said Allen B. Alexander, president and chief executive officer for Savage, in a statement.

   The transaction is expected to close by Friday.

   Excluded from the sale was CANAC’s Remote Control Division, which produces Beltpack and other locomotive remote control products. This group will be renamed Beltpack Corp. and remain a CN subsidiary.