CN (TSX:CNR) (NYSE:CNI) said today it plans to invest $10 million
across Nova Scotia in 2018 to strengthen the company’s rail network
in 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
Nova Scotia will support network safety and efficiency through:
- Installation of 6 miles of new rail
- Installation of more than 2,100 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 in Nova Scotia 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
across the province and North America, while continuing to
strengthen our infrastructure in support of our unwavering
commitment to railway safety.”
CN’s Nova Scotia rail network connects the Port
of Halifax container terminals with markets in central Canada and
the U.S. Midwest and accesses CN’s Autoport facility that handles
vehicles for distribution across North America and to
Newfoundland.
“I am pleased to see CN’s continued investment
in Nova Scotia. Rail is integral to many industries across our
province, and safe, efficient and reliable service is key to
growing our economy,” explained Darren Fisher, member of parliament
for Dartmouth-Cole Harbour and chair of the Nova Scotia Caucus.
"Rail is an integral part of Nova Scotia’s
transportation system and these capital investments are a sign of
CN's commitment to its operations in our province,” said
Transportation and Infrastructure Renewal Minister Lloyd Hines.
"CN's networks are always welcome and support our 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.
Nova Scotia in numbers:
- Capital investments: Approximately $50 million in the last five
years
- Employees: approximately 450 (includes 340 at Autoport, a
wholly-owned CN subsidiary)
- Railroad route miles operated: 162
- Community partnerships: $217,000 in 2017
- Local Spending: $38 million in 2017
- Cash taxes paid: $3 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 |
|
|
Community |
|
Tiffany Edwards |
|
Community Affairs Lead,
Nova Scotia |
|
(506) 853-2720 |
|
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