CN to Invest $185 Million in Saskatchewan Enabling Sustainable Growth, Improving Capacity and Advancing the Company’s Commitment to Safety
June 27 2022 - 8:00AM
CN (TSX: CNR) (NYSE: CNI) announced today plans to invest
approximately C$185 million in Saskatchewan in 2022. This includes
investments in technology, capacity, rolling stock units and
company-wide decarbonization initiatives as well as network
improvements. These investments will power sustainable growth and
ensure the continued safe movement of goods in Saskatchewan and
everywhere on CN’s transcontinental network.
"We continue to make significant investments in
our network, technology, and capacity. We are building the premier
railroad of the 21st century to do even more for our customers,
railroaders, shareholders, and the communities in which we
operate."
- Sean Finn, Executive Vice-President,
Corporate Services and Chief Legal Officer of CN
“At a time when the resilience of our supply
chains is more important than ever, investing in our rail
transportation system ensures essential goods can reach Canadians
on time. Railways play an important role in growing our economy,
and I am pleased to see CN taking this important step to strengthen
our rail networks. Today’s announcement will help improve the
fluidity of our rail network against the unprecedented disruptions
to service we have seen in the last two years, and is good news for
Canadians.”
- The Honourable Omar Alghabra, Minister of
Transport, Government of Canada
“The world needs Saskatchewan’s food, fuel and
fertilizer. We are pleased to see this investment because a large
part or our economy relies on Canada’s rail network to help deliver
our products across North America and around the globe.”
- Jeremy Cockrill, Minister of Highways, Government
of Saskatchewan
Maintenance program highlights include:
- Replacing 25 miles of rail;
- Installing more than 151,000 new
railroad ties;
- Rebuilding 23 road crossing
surfaces; and
- Maintenance work on bridges,
culverts, signal systems, and other track infrastructure
Saskatchewan in numbers:
- Capital investments: More than $ 900 million in the last five
years
- Employees: approximately 1,030
- Railroad route miles operated: 1,936
- Community partnerships: $720,000 in 2021
- Local spending: $124 million in 2021
- Cash taxes paid: $81 million in 2021
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 reflect information as of the date on
which they are made. CN assumes no obligation to update or revise
forward-looking statements to reflect future events, changes in
circumstances, or changes in beliefs, unless required by applicable
securities laws. In the event CN does update any forward-looking
statement, no inference should be made that CN will make additional
updates with respect to that statement, related matters, or any
other forward-looking statement.
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 U.S. South through a 18,600-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 |
Mathieu Gaudreault |
Paul Butcher |
Senior Advisor |
Vice-President |
Media Relations |
Investor Relations |
514-399-7956media@cn.ca |
(514)
399-0052investor.relations@cn.ca |
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