By Robb M. Stewart
Canadian Pacific Kansas City and venture partner Lanco Group sold their business providing ocean-to-ocean freight and passenger services along the Panama Canal to an independent division of shipping company A.P. Moller-Maersk.
Canadian Pacific and the Illinois-based conglomerate have equally owned Panama Canal Railway Co. since it was formed in 1998.
The Panama company last year generated revenue of $77 million and earnings before interest, taxes, depreciation and amortization of $36 million, the Canadian rail company said.
Canadian Pacific President and Chief Executive Keith Creel said the sale of the non-core asset creates value for shareholders and is part of the company's focus on growing its core North American rail business.
The Panama business was created when it secured a concession from Panama to reconstruct and operate a 47-mile railway located along the Panama Canal between the Atlantic and Pacific oceans.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
April 02, 2025 08:20 ET (12:20 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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