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Wharves to operate as

separate co. under new ownership

AFTER NEARLY a) vear

of negotiations,

North Van-

couver-based BC Rail has aequired 100% of the shares of
neighboring Vancouver Wharves Ltd. for $15.75 million.

Vancouver Wharves, which is
also on the North Vancouver in-
dustrial waterfront, is the largest
mubisparpose deep sea terminal
on North America’s West Coast,

To has operating assets of nearly
$85 million,

HO Rail spokesman Barrie Wall
said Friday that itis “business as
weual’’ oat Vancouver Wharves,
which sits on TIE acres (4S hee-
fares) of land at the south foot of
Capilanga Road. Approximately,
98 aeres of the Vancouver
Whiarves site are under Jongetern
lease from BO Rail,

We will continue to build
Vancouver Wharves as oa first
class deep-sea terininal and by do-
ing se, provide significantly im.
proved service ta customers Usti
the Port of Yaneouaver” said BC

By Surj Rattan
News Reporter

operating officer and executive
vice-president Jolin Mackay,

McElligett osafd Vancouver
Wharves will function as a sepas
rate company under BC Rails
ownership. An executive search is
now under way for oa chief
operiting officer for the company,

Vancouver Wharves is ane of
five bulk terminals in the Port of
Sancouver with annual reventtes
of about $50 million,

Howas first established an the
North Vancouver waterfront in
April 1989,

It hiandles
minetal concentrates,
paper and methatol,

sulphur, potash,
pulp and

MeHiigau sald negotiations to
purchase Vancouver Whatves
started last April,

Rail president and chief exccutive
officer Pant McEVigott.

Vancouver Whirves currently
employs more than 250 people —
400 sateried statf and about j
unionized Jongshoremen. Es
nual payroll exceeds $2b million,
plus benefits. at

Prior two the change of awner- — teet existing rail traffic levels,
ship, Vancouver Wharves was diversifying revenues and develop:
owned by a small group of of- ing oew rail freight products and
ficers and directors ed by chief markets.

He added that the acquisition ix
one of a number of HC Rail
strategic planning initiatives aimed
improving purl access fo. pros

BC RAIVS EXECUTIVES SHUFFLED;

AS A result of recent acquisitions and structural changes at BC Rail,
including the multi-miflion-dotlar purchase of Vancouver Wharves Lid.,
the North Vancouver-based Crown corporation has decided to shulfle
executive responsibilities.

BC Rail president Paul McFllivou said the purchase of Vancouver
Wharves for $15.75 million, the creation of a aew telecommunications
subsidiary called WesTel Teleconmunications Ltd., and the develop.
ment of BCR Properties Lid.. a separate real estate group, has inereas-
ed the respousibilities for many of the BC Rail Group of Companies
vice-presidents

The new enecutive structure for Che BC Rail Group of Companies in-
cludes:

@ Paul MecEligon: remaining as president and chief executive officer
for the BC Rail Group of Companies,

@ Roger Clarke, senior “president af finsinee and information
technology: will aversee the operations of Vancouver Wharves while an
executive search is conducted for a chief operating officer for the newly
acquired company.

@ Frank Trotter, group vice-president of strategic business unit: will be
tesponsible for BC Rail Properties Ltd., Wesel Telecommunications
Lid., and the intermodal dsision of BC Rail New general man:
will be appointed to WesTel and 8C Rail Properties.

®@ Eric Lush, senior vice-president of human resourees and strategic
planning: will be responsible for corporate-wide strategic planning and
policy-related human resources panning.

@ Chuck Trainor, vice-president of rail operations! will be responsible
for all cailway-related engineering activities and the rail communications
and siunals department.

@ Walter Young, vice-president ef administration and corporate seere-
tary: will retain his reponsibilities in the arzas of materials management,
tisk management, legal affairs, native affairs, environmental manage-
ment and corporate secretarial functions for all group companies.

@ Wayne Bank. vice-president of rail marketing and sales: will retain
his responsibilities for p nger service and rail freight marketing and
sales functions within BC Rail.

ulvanay

NEWS photo Mike Waketlald

In the shop

TWO VANCOUVER Orydock Co. workers sandblast the hull of the B C Ferry Corp.'s Queen of
Surrey at the huge Panamax floating drydock on the North Vancouver watertront.The News’
North Shore waterfront industries series continues on page 23.

SESS EDT SE Ge ER NT

ACHING E