CN Investing $10 Million in Nova Scotia
HALIFAX, Nova Scotia, July 02, 2020 (GLOBE NEWSWIRE) — 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 ScotiaThe 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 railInstallation of approximately 30,000 new railroad tiesRebuilds of 8 road crossing surfacesMaintenance work on bridges, culverts, signal systems, and other track infrastructureNova Scotia in numbers:Capital investments: Approximately $85 million in the last five yearsEmployees: approximately 338Railroad route miles operated: 162Community partnerships: $116,000 in 2019Local spending: $31 million in 2019Cash 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.