CN Investing $30 Million in Tennessee
July 29 2020 - 9:00AM
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 $30 million (USD) across
Tennessee in 2020. The program will focus on yard upgrades,
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 Tennessee are a
key part of our strategy to support growth. The Company remains
committed to help enable supply chains that fuel Tennessee’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
“Private investments in our rail infrastructure
provide numerous benefits to the economy as a whole and are
critical now more than ever. I greatly appreciate CN’s continued
commitment to improving the transportation network and aiding in
America’s economic recovery.”
-
Clay Bright, TDOT Commissioner
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 7 miles of rail
- Installation of over 25,000 new railroad ties
- Rebuilds of 17 road crossing surfaces
- Maintenance work on bridges, level crossings, culverts, signal
systems and other track infrastructure
Tennessee in numbers:
- Capital investments: More than $ 205 million in the last five
years
- Employees: approximately 649
- Railroad route miles operated: 173
- Community partnerships: $172,000 in 2019
- Local spending: $34 million in 2019
- Cash taxes paid: $5,000 in 2019
Western Tennessee is CN’s gateway to the south.
CN’s yard in Memphis is a major freight handling point and the hub
of CN’s U.S. operations south of Chicago. It is one of only two
hump yards in the U.S. (CN has four hump yards on its entire
network) and serves as an interchange point with four other Class I
railroads. The Memphis Yard is also the location of a major CN
railcar/locomotive repair shop. An important CN intermodal terminal
is in Memphis at the Frank Pigeon Industrial Park. CN also serves
President’s Island, an industrial core in Memphis.
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 Mar 2024 to Apr 2024
Canadian National Railway (TSX:CNR)
Historical Stock Chart
From Apr 2023 to Apr 2024