CN (TSX:CNR) (NYSE:CNI) said today it plans to invest approximately
$315 million in Ontario 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 to meet growing
demand across our economy,” said Michael Farkouh, vice-president of
CN’s Eastern Region. “Our investments in track and intermodal yard
capacity combined with new equipment will help us deliver superior
service to our customers in Ontario and North America.
Additionally, our substantial investments to renew our existing
railway infrastructure underscores our commitment to operating
safely.”
The Ontario investments are part of CN’s record
$3.4 billion capital program for 2018. They include a new train
passing siding in CN’s transcontinental corridor through Northern
Ontario linking Toronto and Winnipeg, and intermodal rail yard
expansions that will improve efficient movement of containers into
and out of the Greater Toronto and Hamilton Area (GTHA). Other
capital program elements will focus on the replacement, upgrade and
maintenance of key track infrastructure to improve overall safety
and efficiency.
"I applaud CN's investment in important railway
infrastructure across Ontario,” said Navdeep Bains, the Canadian
minister of innovation, science and economic development. “These
investments will help connect Canadians by improving transportation
and will maintain and expand CN's workforce of nearly 4,000
Ontarians."
"This is good news for Ontario and for Ontario
jobs,” said Doug Ford, premier of Ontario. "It is particularly good
news for the communities, businesses and jobs that depend on our
natural resource and manufacturing sectors. I applaud CN for
walking the walk and sending a clear signal to the world that it's
a great time to invest in our province. Ontario is open for
business."
Planned expansion projects include:
- Investments in a satellite intermodal facility near CN’s
Brampton Intermodal Terminal to provide temporary capacity
- Intermodal equipment and infrastructure at CN’s Brampton
Intermodal Terminal to serve growing cold supply chain
business
- Construction of a new train passing siding east of Sioux
Lookout
Maintenance program highlights include:
- Replacement of approximately 90 miles of rail
- Installation of more than 380,000 new railroad ties
- Rebuilds of approximately 60 road crossing surfaces
- Maintenance work on bridges, culverts, signal systems and other
track infrastructure
CN’s Ontario rail network stretches across the
province, and the GTHA is home to MacMillan Yard, CN’s largest rail
car classification facility, and Brampton Intermodal Terminal, CN’s
largest intermodal facility. The Ontario network reaches other
terminals across Canada’s industrial heartland, from Thunder Bay to
Sarnia.
“The Ontario Chamber of Commerce is pleased to
see CN make such a significant investment in Ontario communities,”
said Rocco Rossi, president and chief executive officer of the
Ontario Chamber of Commerce. “It is investments like CN’s that will
help ensure Ontario is prosperous and competitive globally. We are
proud that CN is leading the way in supporting communities across
the province.”
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 that it will purchase 350 new
lumber cars from National Steel Car in Hamilton to meet growing
demand to move wood products. Last month, CN announced that it
plans to acquire 1,000 new generation, high-cube grain hopper cars
over the next two years, also from National Steel Car in Hamilton,
to rejuvenate the aging equipment needed to serve increasing annual
crop yields.
CN has taken delivery of 10 of the 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 in Ontario and across
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 this
summer.
Ontario in numbers:
- Capital investments: more than $1.2 billion in the last five
years
- Employees: approximately 3,600
- Railway route miles operated: 2,510
- Community partnerships: $4.6 million in 2017
- Local spending: $2.2 billion in 2017
- Cash taxes paid: $114 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 |
|
Daniel Salvatore |
|
Community Affairs Lead,
Ontario |
|
(905) 669-3368 |
|
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