CN to Invest $20 Million in Iowa Enabling Sustainable Growth, Improving Capacity and Advancing the Company’s Commitment to Safety
June 30 2022 - 8:00AM
CN (TSX: CNR) (NYSE: CNI) announced today plans to invest
approximately $20 million in Iowa 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 Iowa 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
“Railways help move Iowa’s agricultural and
manufactured products to markets throughout the country. Our
economy depends on all types of infrastructure. We’re very
fortunate to have access to rail service throughout Iowa, and this
investment from CN will help our manufacturers and farmers continue
to feed, build and fuel the world.”
- Chuck Grassley, U.S. Senator,
Iowa
Maintenance program highlights include:
- Replacing more
than 14 miles of rail;
- Installing
approximately 9,000 new railroad ties;
- Rebuilding 14
road crossing surfaces; and
- Maintenance work
on bridges, culverts, signal systems, and other track
infrastructure
Iowa in numbers:
- Capital
investments: More than US$150 million in the last five years
- Employees:
approximately 230
- Railroad route
miles operated: 574
- Community
partnerships: US$8,000 in 2021
- Local spending:
US$24 million in 2021
- Cash taxes paid:
US$5.8 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 CN
CN 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 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 |
Mathieu Gaudreault |
Paul Butcher |
Senior Advisor |
Vice-President |
Media Relations |
Investor Relations |
514-249-4735media@cn.ca |
(514)
399-0052investor.relations@cn.ca |
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