CN Investing $10 Million in Nova Scotia
July 02 2020 - 6:00AM
CN (TSX: CNR) (NYSE: CNI) announced today that, as part of its
strategic investments to support growing demand and enable supply
chains, it plans to invest over $10 million (CAD) across Nova
Scotia in 2020. The investments will focus on the replacement of
rail and ties, rebuilding road crossing surfaces as well as
maintenance work on bridges, culverts, signal systems and other
track infrastructure.
“We take our essential role in the North
American economy seriously and these investments in Nova Scotia are
a key part of our strategy to support growth. The Company remains
committed to help enable supply chains that fuel Nova Scotia’s
growth as we are a critical part of getting everyday goods to
markets and consumers. Safety is a core value at CN and by
investing in the maintenance and expansion of our track and
capacity, we are providing customers with a safe and reliable
solution at a time when fluid supply chains are more critical than
ever.” - Derek Taylor, Vice-President, Eastern Region at
CN “Remaining
committed to supporting Canadian businesses, our government
continues to invest in Canada’s economy to encourage economic
growth. We are pleased to see companies such as CN do their share
by investing in improving safety, growing its capacity and enabling
trade through a safe and reliable rail network. Nova Scotia plays a
critical role in international trade through the Port of Halifax.
CN’s investments in the province will encourage the safe and fluid
movement of goods across the province, to and from international
markets.”- The Honourable Marc Garneau, Minister of Transport,
Government of Canada
“The role that our railway system plays in
shaping Canada’s commerce and its communities cannot be
underestimated. This is especially true in Nova Scotia, where our
international ports depend upon rail to move vast quantities
of goods throughout the province, and then across the entire
country. The investments that CN is making in our railways will
help ensure that our supply chain remains safe and
strong today and for decades to come.”- The Honourable
Bernadette Jordan, Minister of Fisheries, Oceans, and the Canadian
Coast Guard, Government of Canada
“CN continues to build on the critical links
between Nova Scotia and the global marketplace. Streamlining supply
chain infrastructure continues to cement CN’s position as a world
leader in intermodal transport and, in doing so, solidifies Nova
Scotia’s place in the North American economy.”- The Honourable
Lloyd Hines, Minister of Transportation and Infrastructure Renewal,
Government of Nova Scotia
The Company’s investments will create greater
capacity, which supports reductions in its customer’s
transportation supply chain GHG emissions, by encouraging the use
of rail for long haul needs. This reduces emissions, traffic
congestion, accidents and burdens on public transportation
infrastructure as one freight train can replace over 300 trucks
from roads. Moving freight by rail instead of truck reduces GHG
emissions by 75%. The Company will continue to deploy important
safety enhancing technologies such as the Autonomous Track
Inspection Program, and Automated Inspection Portals.
Maintenance program highlights include:
- Replacement of 4 miles of rail
- Installation of approximately
30,000 new railroad ties
- Rebuilds of 8 road crossing
surfaces
- Maintenance work on bridges,
culverts, signal systems, and other track infrastructure
Nova Scotia in numbers:
- Capital investments: Approximately
$85 million in the last five years
- Employees: approximately 338
- Railroad route miles operated:
162
- Community partnerships: $116,000 in
2019
- Local spending: $31 million in
2019
- Cash taxes paid: $9 million in
2019
Nova Scotia is home to the Port of Halifax,
where CN handles all rail-served containers imported and exported
through the marine facility. Halifax is the site of a major
Autoport, where automotive vehicles imported from overseas enter
North America for distribution across the continent. One of CN’s
intermodal terminals is also located in Halifax.
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 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. 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.
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
Relations514-399-7956 |
InvestorsPaul ButcherVice-PresidentInvestor
Relations514-399-0052 |
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