CN (TSX:CNR) (NYSE:CNI) said today it plans to invest approximately
$210 million in Saskatchewan in 2018 to expand and strengthen the
company’s rail network across the province.
“We are investing for the long haul with these
projects to boost capacity and network resiliency,” said Doug
Ryhorchuk, vice-president of CN’s Western Region. “Our investments
in new double track across the Prairies combined with new equipment
and more people will help us deliver superior service to our grain,
energy and other customers across the province and North America.
Additionally, our substantial investments to renew our existing
railway infrastructure underscores our commitment to operating
safely.”
The Saskatchewan investments are part of CN’s
record $3.4 billion capital program for 2018. They include more
than 20 miles of new double track in three locations along CN’s
busy transcontinental corridor across the province. Other capital
program investments will focus on the replacement, upgrade and
maintenance of key track infrastructure to improve overall safety
and efficiency.
Planned expansion projects include:
- Construction of 10 miles of double track just east of
Melville
- Construction of about seven miles of double track west of the
Saskatchewan-Manitoba border
- Construction of about 11 miles of double track near the
Alberta-Saskatchewan border
- Installation of new track capacity at CN’s Melville Yard
Maintenance program highlights include:
- Replacement of approximately 40 miles of rail
- Installation of more than 180,000 new railroad ties
- Rebuilds of approximately 20 road crossing surfaces
- Maintenance work on bridges, including continuation of a
multi-year project on the rail bridge over the South Saskatchewan
River east of Warman, plus culverts, signal systems and other track
infrastructure
CN’s Saskatchewan rail network connects
agricultural customers across the Prairies to worldwide markets and
has major terminals in Saskatoon, Regina and Melville.
“This investment by CN into Saskatchewan is very
welcome and will play a critical role in keeping Saskatchewan
products moving,” said Steve McLellan, chief executive officer of
the Saskatchewan Chamber of Commerce. “The new and enhanced rail
lines, new cars, more people, and locomotives all mean our products
will get to market faster to better serve our global clients.
The importance of trade to our economy is clear and these
investments show CN’s commitment to this province.”
“Moving grain from the Prairies to our customers
in export markets is absolutely critical to western farmers,” said
Jim Wickett, chair of the Western Canadian Wheat Growers
Association and grain farmer at Rosetown, Saskatchewan.
“We’re pleased CN is making these essential infrastructure
investments and improving their capacity, which will help ensure we
can move our crops efficiently for not just the next harvest, but
also for the larger future harvests in the years ahead.”
CN investing for the long
haul
Across its network, CN continues to invest in
trade-enabling infrastructure and equipment. Earlier this year, CN
announced plans to acquire 350 new box cars to serve forest
products and metals customers and to purchase 350 new lumber cars
to meet growing demand to move wood products. In May, CN announced
that it plans to acquire 1,000 Canadian built, new generation,
high-cube grain hopper cars over the next two years to rejuvenate
the aging equipment needed to serve increasing annual crop yields.
This month, CN is taking delivery of the first of 60 new GE
locomotives due in service in 2018. The balance of a multi-year,
200-unit order will be brought online in 2019 and 2020.
After adding hundreds of conductors to the field
so far this year, CN continues to hire with a particular focus on
crews in Melville and other terminals in Western Canada.
Approximately 1,250 new qualified conductors will be in the field
network-wide before next winter, compared to heading into the
previous winter.
CN is also pleased to announce the establishment
of a new, two-year Management Trainee Program designed to provide a
solid operational background for the railway’s next generation of
leaders. Over the course of the program, trainees will learn how CN
operates and gain exposure to the Company’s business agenda of
operational and service excellence for its customers across North
America. Successful graduates will be placed in full-time,
permanent management positions aligned with individual educational
background and experience. The first 50 trainees, from both
Canada and the United States, will start in July 2018.
Saskatchewan in numbers:
- Capital investments: Approximately $650 million in the last
five years
- Employees: approximately 1,000
- Railroad route miles operated: 1,948
- Community partnerships: $246,000 in 2017
- Local spending: $92 million in 2017
- Cash taxes paid: $39 million in 2017
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 known and unknown 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. Accordingly, readers are advised not to place undue
reliance on forward-looking statements. Important risk factors that
could affect the forward-looking statements include, but are not
limited to, the effects of general economic and business
conditions; industry competition; inflation, currency and interest
rate fluctuations; changes in fuel prices; legislative and/or
regulatory developments; compliance with environmental laws and
regulations; actions by regulators; increases in maintenance and
operating costs; security threats; reliance on technology and
related cybersecurity risk; trade restrictions or other changes to
international trade arrangements; transportation of hazardous
materials; various events which could disrupt operations, including
natural events such as severe weather, droughts, fires, floods and
earthquakes; climate change; labor negotiations and disruptions;
environmental claims; uncertainties of investigations, proceedings
or other types of claims and litigation; risks and liabilities
arising from derailments; timing and completion of capital
programs; and other risks detailed from time to time in reports
filed by CN with securities regulators in Canada and the United
States. 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.
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.
CN is a true backbone of the economy whose team
of approximately 25,000 railroaders transports more than C$250
billion worth of goods annually for a wide range of business
sectors, ranging from resource products to manufactured products to
consumer goods, across a rail network of approximately 20,000
route-miles spanning Canada and mid-America. CN – Canadian National
Railway Company, along with its operating railway subsidiaries –
serves the cities and ports of Vancouver, Prince Rupert, B.C.,
Montreal, Halifax, New Orleans, and Mobile, Ala., and the
metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary,
Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and
Jackson, Miss., with connections to all points in North America.
For more information about CN, visit the Company’s website at
www.cn.ca.
CN
Contacts: |
|
Media |
Investors |
Kate Fenske |
Paul Butcher |
Manager |
Vice-President |
Media Relations |
Investor Relations |
(204) 934-8388 |
(514) 399-0052 |
|
|
Community |
|
Robin Speer |
|
Community Affairs Lead,
Saskatchewan |
|
(306) 514-2664 |
|
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