CN Investing $105 Million in Manitoba
July 07 2020 - 8:00AM
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 $105 million (CAD) across Manitoba
in 2020. The investments will focus on maintenance including the
replacement of rail and ties, as well as bridges, level crossings,
culverts, signal systems and other track infrastructure.
“We take our essential role in the North
American economy seriously and these investments in Manitoba are a
key part of our strategy to support growth. The Company remains
committed to help enable supply chains that fuel Manitoba’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.”- James
Thompson, Vice-President, Western 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. Manitoba plays a
central role in Canada’s rail network, connecting east, west, north
and south. These investments support safe, efficient, internal and
cross-border trade across the province, benefiting the Canadian
economy as a whole.”- The Honourable Marc Garneau, Minister of
Transport, Government of Canada
“Recent global events have highlighted the
importance of keeping supply chains open and ensuring farmers and
producers can transport their products to domestic and global
markets, safely and reliably. That’s why the Government of Canada
continues to invest in the National Trade Corridor Fund and the
Rail Safety Improvement Program through Transport Canada. This
investment by CN will ensure Manitoba continues to be a safe and
reliable part of Canada’s supply chain.”- The Honourable Dan
Vandal, Minister of Northern Affairs, Government of Canada, and
Member of Parliament for Saint Boniface–Saint Vital
“The province of Manitoba appreciates CN’s
ongoing commitment to making investments that improve safety and
promote economic growth in the province. CN plays an important role
in moving Manitoba’s economy forward.”- The Honourable Ron Schuler,
Minister of Infrastructure, Government of Manitoba
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 across its network, such as the
Autonomous Track Inspection Program, Distributed Air Cars and
Automated Inspection Portals.
Maintenance program highlights include:
- Replacement of more than 50 miles of rail
- Installation of over 150,000 new railroad ties
- Rebuilds of 6 road crossing surfaces
- Maintenance work on bridges, culverts, signal systems, and
other track infrastructure
CN’s Claude Mongeau National Training Centre is
focused on instilling and reinforcing a strong safety culture. In
2019, over 6,000 experienced railroaders, new hires and customers
received a complete range of hands-on technical training.
Manitoba in numbers:
- Capital investments: Approximately $690 million in the last
five years
- Employees: approximately 2,185
- Railroad route miles operated: 864
- Community partnerships: $526,000 in 2019
- Local spending: $866 million in 2019
- Cash taxes paid: $90 million in 2019
Manitoba is a major hub of CN’s transcontinental
rail network. Much of our traffic passes through Winnipeg’s
Symington Yard, our only hump yard in Western Canada. In Winnipeg,
there are also CargoFlo bulk handling and automotive distribution
facilities, and an intermodal terminal.
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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