MULTIMEDIA UPDATE - CN Proud to Celebrate 25th Anniversary of its Privatization
November 17 2020 - 11:09AM
Exactly 25 years ago today
, the Government of
Canada put CN (TSX: CNR) (NYSE: CNI) shares up for sale to
investors; at C$2.25 billion, it was the biggest IPO in Canadian
history. At the time, CN was the largest and oldest Crown
Corporation in Canada. Today CN is a world-class transportation
leader and trade-enabler.
To mark this important anniversary, JJ Ruest,
CN’s President and Chief Executive Officer, will ring the Opening
Bell at the Toronto Stock Exchange (TSX) and the Closing Bell at
the New York Stock Exchange (NYSE).
“The privatization of CN was anticipated with
widespread skepticism, but executed with startling success and
today it is the source of enormous pride for our employees and all
those involved over the years. It allowed CN to unleash the
powerful creative and competitive forces of our railroaders. I want
to thank everyone who contributed to this success as well as our
employees for their dedication to safely moving the economy for our
customers and for the communities where we operate. Twenty-five
years after the IPO and with safety as our core value, our future
is all about performance and customer service, generating long-term
value for our shareholders. It’s been an amazing 25 years and the
journey continues.”- JJ Ruest, President and Chief Executive
Officer of CN
On November 17th 1995, CN’s shares were listed
on the TSX and NYSE. The IPO raised C$2.25 billion for the
Government of Canada. Today, CN has a market capitalization of
approximately C$100 billion. An investment of C$1,000 in CN stock
in 1995 would be worth more than C$63,000 today.
In the past quarter century, CN has expanded its
network to reach three coasts, from the Atlantic to the Pacific and
south to the Gulf of Mexico. It has acquired the Illinois Central
Railroad, the Wisconsin Central Railroad, the Elgin, Joliet &
Eastern Railway, and BC Rail. Each of those railways, as well as
the Grand Trunk Western, are represented by one of the locomotives
specially painted by CN for the 25th anniversary of its IPO and
they will be rolling on CN’s network to move its customers’
goods.
CN has also become a leader in technology and
innovation. Privatization allowed it to pioneer the Precision
Scheduled Railroading model, which has vastly improved railroad
efficiency since it was implemented at CN in 1998. Artificial
intelligence and advanced data analysis are now propelling CN into
the next evolution; the digitalization of scheduled
railroading.
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.
About CNCN is a world-class
transportation leader and trade-enabler. Essential to the economy,
to the customers, and to the communities it serves, CN safely
transports more than 300 million tons of natural resources,
manufactured products, and finished goods throughout North America
every year. As the only railroad connecting Canada’s Eastern and
Western coasts with the Southern tip of the U.S. through a
19,500-mile rail network, CN and its affiliates have been
contributing to community prosperity and sustainable trade since
1919. CN is committed to programs supporting social responsibility
and environmental stewardship.
Contacts:
Media |
Investment Community |
Jonathan Abecassis |
Paul Butcher |
Senior Manager |
Vice-President |
Media Relations |
Investor Relations |
(514) 399-7956media@cn.ca |
(514)
399-0052investor.relations@cn.ca |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d1a281bc-e050-43b4-8ab2-d726449d7a20
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