CN (TSX:CNR) (NYSE:CNI) said today it plans to invest $30
million in New Brunswick in 2018 to strengthen the company’s rail
network across the province, improving safety and supporting
efficient service.
The investments are part of CN’s overall capital
program in 2018 and will focus on the replacement, upgrade and
maintenance of key track infrastructure. Planned capital work in
New Brunswick will support network safety and efficiency
through:
- Installation of about 20 miles of new rail
- Installation of more than 50,000 railroad ties
- Rebuilds of road crossing surfaces and maintenance work on
bridges, culverts, signal systems and other track
infrastructure
Michael Farkouh, vice-president of CN’s Eastern
Region, said: “We are again investing across New Brunswick to
support a safe and fluid railway network. CN remains committed to
investing for the long haul to raise the bar on service for our
customers in New Brunswick and North America, while continuing to
strengthen our infrastructure in support of our unwavering
commitment to railway safety.”
CN’s New Brunswick rail network spans the
province transporting consumer goods and other intermodal traffic
to Moncton and reaches the ports of Saint John and Belledune.
“Many of our New Brunswick companies depend on
rail transport as a reliable and efficient way to get their goods
to market,” said Karen Ludwig, member of parliament for New
Brunswick Southwest and chair of the New Brunswick Caucus. “CN’s
commitment to strengthen the company’s infrastructure in the
province is an important development for job creation and our
future economic growth.”
"Rail services in Atlantic Canada provide the
backbone for an efficient intermodal transportation system and
allow our region to act as hub for global trade,” said Sheri
Somerville, chief executive officer of the Atlantic Chamber of
Commerce. “With this investment, CN continues to demonstrate
accountability for maintaining a vital national trade link and a
substantial contribution to the economy in Atlantic Canada. A
long-standing corporate partner to the Atlantic Chamber, CN is a
critical and valued member to us and the Atlantic community."
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.
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.
New Brunswick in numbers:
- Capital investments: $150 million in the last five years
- Employees: approximately 330
- Railroad route miles operated: 596
- Community Partnerships: $214,000 in 2017
- Local spending: $65 million in 2017
- Cash taxes paid: $2 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 |
Jonathan Abecassis |
Paul Butcher |
Manager |
Vice-President |
Media Relations |
Investor Relations |
(514) 399-7956 |
(514) 399-0052 |
|
|
CommunityTiffany EdwardsCommunity Affairs Lead,
New Brunswick(506) 853-2720 |
|
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