CN Investing $235 Million in Quebec
MONTRÉAL, June 25, 2020 (GLOBE NEWSWIRE) — CN (TSX: CNR) (NYSE: CNI) announced today that it plans to invest approximately $235 million (CAD) across Quebec in 2020. The investments include various information technology projects, Positive Train Control, the replacement of rail and ties, as well as the maintenance of level crossings, culverts, signal systems and other track infrastructure.
“We take our essential role in the North-American economy seriously and these investments in Quebec are a key part of our strategy to support growth. The Company remains committed to help enable supply chains that fuel Quebec’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. Rail safety is one the priorities of our government. CN’s investments in Quebec are aligned with these priorities as they will ensure the safe movement of goods through infrastructure upgrades and improved level crossings.”
– The Honourable Marc Garneau, Minister of Transport, Government of CanadaMaintenance program highlights include:
Replacement of more than 20 miles of railInstallation of approximately 140,000 new railroad tiesRebuilds of 47 road crossing surfacesMaintenance work on bridges, culverts, signal systems, and other track infrastructureQuebec in numbers:Capital investments: More than $ 1.8 billion in the last five yearsEmployees: approximately 3,925Railroad route miles operated: 2,041Community partnerships: $3.2 million in 2019Local spending: $2.1 billion in 2019Cash taxes paid: $211 million in 2019CN’s extensive rail network stretches across Quebec. Montreal is home to CN’s headquarters and over 3,000 employees as well as a major rail classification yard and repair shops. CN serves the Port of Montreal, where the Company handles growing numbers of import/export containers. Other CN facilities in Montreal include an intermodal terminal, logistics park, forest products, automotive and metals distribution centres, and a CargoFlo bulk handling facility. Quebec City boasts access to a deep-water port as well as metals, automotive and forest products distribution centres. Quebec City also has a large rail classification yard.CN, Hutchison Ports and the Port of Quebec are working together to pioneer a new intermodal container terminal. This new, state-of-the-art terminal is set to become a cornerstone of the deep-water, year-round Port of Quebec. The new terminal will have capacity for 700K TEUs and will be exclusively served by CN. The opening is scheduled for spring of 2024.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.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.