CN to Invest $30 Million in Tennessee Enabling Sustainable Growth, Improving Capacity and Advancing the Company’s Commitment to Safety
June 27 2022 - 7:00AM
CN (TSX: CNR) (NYSE: CNI) announced today plans to invest
approximately $30 million in Tennessee in 2022. This includes
investments in technology, rolling stock units and company-wide
decarbonization initiatives, as well as network improvements. These
investments will power sustainable growth and ensure the continued
safe movement of goods in Tennessee and everywhere on CN’s
transcontinental network.
“We continue to make significant investments in
our network, technology, and capacity. We are building the premier
railroad of the 21st century to do even more for our customers,
railroaders, shareholders, and the communities in which we
operate.”
- Sean Finn, Executive Vice-President,
Corporate Services and Chief Legal Officer of CN
“Memphis is central to everything and at the
heart of the logistics and distribution industry. As a valued
partner, we count on CN to reliably transport goods and provide
services that our city, state and country need.”
- Jim Strickland, Mayor of Memphis
Maintenance program highlights include:
- Installing
approximately 38,000 new railroad ties;
- Rebuilding 16
road crossing surfaces; and
- Maintenance work
on bridges, culverts, signal systems, and other track
infrastructure
Tennessee in numbers:
- Capital
investments: More than US$200 million in the last five years
- Employees:
approximately 560
- Railroad route
miles operated: 173
- Community
partnerships: US$39,000 in 2021
- Local spending:
US$23 million in 2021
- Cash taxes paid:
US$7.2 million in 2021
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 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.
About CNCN is a world-class
transportation leader and trade-enabler. Essential to the economy,
to the customers, and to the communities it serves, CN safely
transports more than 300 million tons of natural resources,
manufactured products, and finished goods throughout North America
every year. As the only railroad connecting Canada’s Eastern and
Western coasts with the U.S. South through a 18,600-mile rail
network, CN and its affiliates have been contributing to community
prosperity and sustainable trade since 1919. CN is committed to
programs supporting social responsibility and environmental
stewardship.
Contacts:
Media |
Investment Community |
Mathieu Gaudreault |
Paul Butcher |
Senior Advisor |
Vice-President |
Media Relations |
Investor Relations |
514-399-7956media@cn.ca |
(514)
399-0052investor.relations@cn.ca |
Canadian National Railway (NYSE:CNI)
Historical Stock Chart
From Apr 2024 to May 2024
Canadian National Railway (NYSE:CNI)
Historical Stock Chart
From May 2023 to May 2024