CN expanding its North American rail intermodal supply chain services with the acquisition of H&R Transport’s intermodal di...
09 Maggio 2019 - 2:00PM
CN (TSX: CNR) (NYSE: CNI), through a subsidiary company, has
reached an agreement to acquire the intermodal division of the
Alberta-based H&R Transport Limited.
“H&R is well known in Alberta and across the
industry for investing in its people, systems, and assets, as well
as its customer centric services and best in class operations, all
of which is aligned with CN’s strategy to expand our presence in
moving consumer goods,” said JJ Ruest, president and chief
executive officer of CN. “With the growing consumer economy
requiring more sophisticated transportation solutions, CN’s
strategy is to offer more end to end rail supply chain solutions to
a wider range of customers.”
“The Foder Family was instrumental in
establishing this customer focused orientation throughout the
history of H&R and we look forward to continuing to provide
exceptional service as part of the CN Family,” added David
Thiessen, chief executive officer of H&R.
“CN recognizes the role of the Foder Family who
acquired H&R in the early 1950s and worked to grow the original
two tractor operation based in Lethbridge, Alberta,” said Keith
Reardon, CN’s senior vice-president of consumer products and supply
chain growth. “We have a longstanding relationship with H&R
Transport. As a cross country supply chain partner, we know that
their continued investments in technology and in their employees
has earned them a very enviable reputation.”
The transaction is subject to customary closing
conditions.
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 risk that the H&R Transport transaction, which
is subject to closing conditions, not be completed, as well risk
factors such as 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; trade
restrictions; 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 (MD&A)
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
transporting 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.
Contacts: |
|
MediaJonathan AbecassisSenior
ManagerMedia Relations(514) 399-7956 |
Investment CommunityPaul
ButcherVice-PresidentInvestor Relations(514) 399-0052 |
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