CN Investing $60 Million in Louisiana
July 27 2020 - 09:00AM
CN (TSX: CNR) (NYSE: CNI) announced today that, as part of its
strategic investments to support growing demand and enable supply
chains, it plans to invest approximately $60 million (USD) across
Louisiana in 2020. The investments includes a multi-year project to
rebuild the McComb Spillway Bridge, replacement of rail and ties,
as well as maintenance of bridges, level crossings, culverts,
signal systems and other track infrastructure.
“We take our essential role in the North
American economy seriously and these investments in Louisiana are a
key part of our strategy to support growth. The Company remains
committed to help enable supply chains that fuel Louisiana’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
“Every economic recovery is enabled by robust
infrastructure investments and open access to markets. That is why
CN’s more than $280 million of private capital investment in
Louisiana over the last five years will enable US products to find
global markets to drive a quick economic rebound.”
–
John Bel Edwards, Governor of the State of Louisiana
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 across its network, such as the
Autonomous Track Inspection Program, Distributed Air Cars and
Automated Inspection Portals.
Maintenance program highlights include:
- Replacement of 6 miles of rail
- Installation of over 20,000 new railroad ties
- Rebuilds of 21 road crossing surfaces
- Maintenance work on bridges, level crossings, culverts, signal
systems and other track infrastructure
Louisiana in numbers:
- Capital investments: More than $ 280 million in the last five
years
- Employees: approximately 328
- Railroad route miles operated: 227
- Community partnerships: $65,000 in 2019
- Local spending: $28 million in 2019
- Cash taxes paid: $6 million in 2019
At the southern terminus of CN’s North American
network, Louisiana handles growing volumes of traffic, most notably
in the triangle formed by Hammond, Baton Rouge and the Port of New
Orleans. CN’s major yards are in Baton Rouge, Geismar and Harrahan
(Mays Yard) outside of New Orleans. At Mays Yard, CN connects to
the New Orleans Public Belt Railroad, which links the city’s six
Class I railroads. CN also has an intermodal facility in New
Orleans. The Port of New Orleans has an intermodal terminal
adjacent to its Napoleon Avenue Container Terminal providing
on-dock access for all rail shipments. The Mississippi River
Intermodal Terminal is a modern, efficient transfer terminal,
offering on-dock access and helping to grow CN’s container
volumes.
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 |
Canadian National Railway (TSX:CNR)
Historical Stock Chart
From Feb 2024 to Mar 2024
Canadian National Railway (TSX:CNR)
Historical Stock Chart
From Mar 2023 to Mar 2024