Employees Buy Major Canadian Trucking Company

The 2,700 employees of Canadian Pacific Express have purchased the company from Canadian Pacific Corporation and changed its name to Interlink Freight Systems. The company had been a subsidiary of Canadian Pacific. It had been losing money in the deregulated Canadian trucking environment, and Canadian Pacific put it up for sale. No buyers were found, however, until employees offered to buy the firm. Employees agreed to a three-year wage freeze and benefit reductions in exchange for about 700 shares (currently worth $1400) per year over the next five years. For 1995, it appears the company will break even. Interlink becomes the second largest majority employee-owned Canadian firm, behind the 4,000-employee Algoma Steel.