BISMARCK, ND, March 25 /PRNewswire/ - Canadian Pacific (TSX:
CP) (NYSE: CP) today announced the investment of $100 million in North
Dakota between 2010 to 2012. The investment plan will expand
network capacity and enhance rail service in order to meet
increased traffic demands.
"North Dakota is a source of
growth for CP and the Midwest's economy with its increased grain
production, vast oil deposits in the Bakken Formation and the
continued strength of ethanol," said Jane
O'Hagan, Executive Vice-President, Marketing & Sales and
Chief Marketing Officer. "CP has been a key part of North Dakota's economy for the past century.
We look forward to providing service to our customers far into the
future and know these improvements will help alleviate current
concerns, and meet our customers' future demands for consistent,
reliable rail transportation alternatives."
North Dakota Governor
Jack Dalrymple said CP's
announcement is a positive development for the state.
"This is another step forward in our continuing efforts to
expand our market access for farmers, for oil production and other
industry," the Governor stated.
Current year infrastructure investment will begin in the spring
with a majority of work expected to be completed in Fall 2011.
CP's 2011 North Dakota investment plan includes:
- Hiring over 70 new employees to expand CP's train crew base in 2011,
growing CP's workforce in North Dakota by 18 percent.
- A new Superintendent of Operations territory focused on traffic
between Enderlin and Portal.
- Capacity expansion over the next two years on the Newtown, Portal and
Carrington subdivisions including yard track extensions in Max and
Flaxton, and installation of a new runaround track in Newtown.
- Increased budget for maintenance work on the Newtown subdivision.
Notably, the installation of over 17 miles of rail replacement
between Drake and Max including upgrades to 41 crossings.
- Strategic installation of snow fence and grading projects to reduce
winter snow drifting between Drake and Max.
"CP strives to provide quality customer service and meet
customer needs," added CP Vice-President U.S. Operations
Doug McFarlane. "Enhanced
infrastructure, increased employee base and improved fluidity will
ensure continued growth in the region and at CP."
CP is currently recruiting new employees. Visit www.cpr.ca to
apply.
Note on forward-looking information
This news release contains certain forward-looking statements
relating but not limited to our operations, anticipated financial
performance and business prospects. Undue reliance should not be
placed on forward-looking information as actual results may differ
materially.
By its nature, CP's forward-looking information involves
numerous assumptions, inherent risks and uncertainties, including
but not limited to the following factors: changes in business
strategies; general North American and global economic, credit and
business conditions; risks in agricultural production such as
weather conditions and insect populations; the availability and
price of energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
laws and regulations, including regulation of rates; changes in
taxes and tax rates; potential increases in maintenance and
operating costs; uncertainties of litigation; labour disputes;
risks and liabilities arising from derailments; transportation of
dangerous goods, timing of completion of capital and maintenance
projects; currency and interest rate fluctuations; effects of
changes in market conditions and discount rates on the financial
position of pension plans and investments, including long-term
floating rate notes; and various events that could disrupt
operations, including severe weather conditions, security threats
and governmental response to them, and technological changes.
Except as required by law, CP undertakes no obligation to update
publicly or otherwise revise any forward-looking information,
whether as a result of new information, future events or
otherwise.
About Canadian Pacific:
Canadian Pacific (TSX: CP) (NYSE: CP) operates a North American
transcontinental railroad providing freight transportation
services, logistics solutions and supply chain expertise.
Incorporating best-in-class technology and environmental practices,
CP is re-defining itself as a modern 21st century transportation
company built on safety, service reliability and operational
efficiency. Visit cpr.ca and see how Canadian Pacific is Driving
the Digital Railway.
SOURCE Canadian Pacific