CN Investing $60 Million in Louisiana
Investments Focused on Safety and Capacity to Strengthen Rail Network, Help Reduce Emissions, and Support Economic Growth
HOMEWOOD, Ill., July 27, 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 approximately $60 million (USD) across Louisiana in 2020. The investments includes a multi-year project to rebuild the McComb Spillway Bridge, replacement of rail and ties, as well as maintenance of 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 Louisiana are a key part of our strategy to support growth. The Company remains committed to help enable supply chains that fuel Louisiana’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“Every economic recovery is enabled by robust infrastructure investments and open access to markets. That is why CN’s more than $280 million of private capital investment in Louisiana over the last five years will enable US products to find global markets to drive a quick economic rebound.”
– John Bel Edwards, Governor of the State of LouisianaThe 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 6 miles of rail Installation of over 20,000 new railroad tiesRebuilds of 21 road crossing surfacesMaintenance work on bridges, level crossings, culverts, signal systems and other track infrastructureLouisiana in numbers:Capital investments: More than $ 280 million in the last five yearsEmployees: approximately 328Railroad route miles operated: 227Community partnerships: $65,000 in 2019Local spending: $28 million in 2019Cash taxes paid: $6 million in 2019At the southern terminus of CN’s North American network, Louisiana handles growing volumes of traffic, most notably in the triangle formed by Hammond, Baton Rouge and the Port of New Orleans. CN’s major yards are in Baton Rouge, Geismar and Harrahan (Mays Yard) outside of New Orleans. At Mays Yard, CN connects to the New Orleans Public Belt Railroad, which links the city’s six Class I railroads. CN also has an intermodal facility in New Orleans. The Port of New Orleans has an intermodal terminal adjacent to its Napoleon Avenue Container Terminal providing on-dock access for all rail shipments. The Mississippi River Intermodal Terminal is a modern, efficient transfer terminal, offering on-dock access and helping to grow CN’s container volumes.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.