CN Investing $20 Million in New Brunswick
July 06 2020 - 9:00AM
CN (TSX: CNR) (NYSE: CNI) announced today that it plans to invest
approximately $20 million (CAD) across New Brunswick in 2020. The
program will focus on rebuilding and strengthening bridges, the
replacement of rail and ties, rebuilding road crossing surfaces as
well as maintenance work on culverts, signal systems and other
track infrastructure.
“We take our essential role in the North
American economy seriously and these investments in New Brunswick
are a key part of our strategy to support growth. The Company
remains committed to help enable supply chains that fuel New
Brunswick’s growth as we are a critical part of getting everyday
goods to markets and consumers. Safety is a core value at CN and by
investing in the maintenance and expansion of our track and
capacity, we are providing customers with a safe and reliable
solution at a time when fluid supply chains are more critical than
ever.” - Derek Taylor, Vice-President, Eastern Region at CN
“Remaining committed to supporting Canadian
businesses, our government continues to invest in Canada’s economy
to encourage economic growth. We are pleased to see companies such
as CN do their share by investing in improving safety, growing its
capacity and enabling trade through a safe and reliable rail
network. CN’s investments in maintaining and upgrading its existing
network will have a direct beneficial impact on the movement of
goods across New Brunswick and into the Eastern Canadian trade
gateway, supporting the economy and jobs.”- The Honourable Marc
Garneau, Minister of Transport, Government of Canada
“I am encouraged by CN’s planned capital
investments to enhance its rail network in New Brunswick. With the
modernization of the Saint John port and the expansion and
diversification work going on at the Port of Belledune, it is even
more critical to have a supporting rail system to fully optimize
our transportation infrastructure.” - The Honourable Bill
Oliver, Minister of Transportation and Infrastructure, Government
of New Brunswick
The Company’s investments will create greater
capacity, which supports reductions in its customer’s
transportation supply chain GHG emissions, by encouraging the use
of rail for long haul needs. This reduces emissions, traffic
congestion, accidents and burdens on public transportation
infrastructure as one freight train can replace over 300 trucks
from roads. Moving freight by rail instead of truck reduces GHG
emissions by 75%. The Company will continue to deploy important
safety enhancing technologies such as the Autonomous Track
Inspection Program, and Automated Inspection Portals.
Maintenance program highlights include:
- Replacement of 8 miles of rail
- Installation of approximately 10,000 new railroad ties
- Rebuilds of 5 road crossing surfaces
- Maintenance work on bridges, culverts, signal systems, and
other track infrastructure
New Brunswick in numbers:
- Capital investments: approximately $140 million in the last
five years
- Employees: approximately 320
- Railroad route miles operated: 596
- Community partnerships: $279,000 in 2019
- Local spending: $59 million in 2019
- Cash taxes paid: $17 million in 2019
Forest products make up a significant part of
the traffic originating or terminating in the province of New
Brunswick. CN also handles consumer goods and other intermodal
traffic through its terminal in Moncton. Other CN facilities in
Moncton include a major rail classification yard as well as an
automotive distribution centre and a CargoFlo bulk handling
facility. CN’s network extends to the ports of Belledune and Saint
John, where the Company has another CargoFlo bulk handling
facility.
Forward-looking statements
Certain statements included in this news release constitute
“forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and under
Canadian securities laws. By their nature, forward-looking
statements involve risks, uncertainties and assumptions. The
Company cautions that its assumptions may not materialize and that
current economic conditions render such assumptions, although
reasonable at the time they were made, subject to greater
uncertainty. Forward-looking statements may be identified by the
use of terminology such as “believes,” “expects,” “anticipates,”
“assumes,” “outlook,” “plans,” “targets,” or other similar words.
Forward-looking statements are not guarantees of future performance
and involve risks, uncertainties and other factors, which may cause
the actual results or performance of the Company to be materially
different from the outlook or any future results or performance
implied by such statements. Reference should be made to
Management’s Discussion and Analysis in CN’s annual and interim
reports, Annual Information Form and Form 40-F, filed with Canadian
and U.S. securities regulators and available on CN’s website, for a
description of major risk factors.
CN is a true backbone of the economy,
transporting more than C$250 billion worth of goods annually for a
wide range of business sectors, ranging from resource products to
manufactured products to consumer goods, across a rail network of
approximately 20,000 route-miles spanning Canada and mid-America.
CN – Canadian National Railway Company, along with its operating
railway subsidiaries – serves the cities and ports of Vancouver,
Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile,
Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg,
Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis.,
and Jackson, Miss., with connections to all points in North
America. For more information about CN, visit the Company’s website
at www.cn.ca.
Contacts: |
|
Media |
Investors |
Jonathan Abecassis |
Paul Butcher |
Senior Manager |
Vice-President |
Media Relations |
Investor Relations |
514-399-7956 |
514-399-0052 |
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