CN Investing $105 Million in Manitoba
WINNIPEG, Manitoba, July 07, 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 $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 ManitobaThe 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 railInstallation of over 150,000 new railroad tiesRebuilds of 6 road crossing surfacesMaintenance work on bridges, culverts, signal systems, and other track infrastructureCN’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 yearsEmployees: approximately 2,185Railroad route miles operated: 864Community partnerships: $526,000 in 2019Local spending: $866 million in 2019Cash 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.