Targeting enhancements to network in Canada and United
States
CALGARY, May 7, 2013 /PRNewswire/ - Canadian Pacific (TSX:
CP) (NYSE: CP) today announced the company will move forward
certain capital spending projects originally targeted for 2014 into
this year, funded by a higher than anticipated 2013 cash-flow
projection. As such, the company will be investing an additional
$75 to $100 million into its 2013
capital investment program.
"As our railway continues to transform, we see opportunities to
accelerate enhancements to key sections of our North American
system," said Chief Executive Officer, E.
Hunter Harrison. "By taking these opportunities now to
further improve our operations, we will be better positioned to
respond to our customers' shipping needs."
The projects are primarily focused on productivity, safety and
efficiency, highlighted by the following:
- Advance track upgrade work on the North Main Line between
Winnipeg and Edmonton
- Upgrades to signaling systems on CP's main line between
Moose Jaw and Chicago, which will improve productivity and
increase capacity to meet shipping growth
- Achieve further expense savings and strengthen the balance
sheet by opportunistically acquiring core assets that would
otherwise be leased
In December 2012, CP announced
2013 capital spending of up to $1.1
billion.
About Canadian Pacific
Canadian Pacific (TSX:CP)(NYSE:CP) is a transcontinental railway in
Canada and the United States with direct links to eight
major ports, including Vancouver
and Montreal, providing North
American customers a competitive rail service with access to key
markets in every corner of the globe. CP is a low-cost provider
that is growing with its customers, offering a suite of freight
transportation services, logistics solutions and supply chain
expertise. Visit cpr.ca to see the rail advantages of Canadian
Pacific.
SOURCE Canadian Pacific