CN’s Investments in Ontario on Track to Reach over $1-billion by the end of 2022
MONTREAL, Aug. 27, 2020 (GLOBE NEWSWIRE) — CN (TSX: CNR) (NYSE: CNI) is pleased to announce that it has awarded a contract to build 1,150 new generation, high-capacity, grain hopper cars to National Steel Car Ltd. of Hamilton, ON, bringing to $1-billion the amount CN plans to invest in Ontario by the end of 2022.
In addition to its purchase of 1,150 rail cars, as well as CN’s ongoing annual capital investments, CN has also pledged to invest more than $250-million in the construction of the proposed Milton Logistics Hub, an essential transportation infrastructure project that is critical to the economic future of consumers in Ontario and Canada.On July 21, 2020, CN announced it was purchasing the new closed 55-foot eight-inch jumbo grain hopper cars, each with 5,431 cubic feet of capacity. CN’s Western Canadian grain fleet is comprised of CN-owned hoppers, leased cars and private customer equipment. The new grain hopper cars will enable the company to move more tonnage of grain per year.‘’During this challenging year, CN has demonstrated that it is an important partner in the nation’s essential rail freight supply chain. CN’s commitment to purchase new generation grain hopper cars will benefit the entire freight system, and provide a significant economic boost to Canada’s recovering economy.’’
– The Hon. Marc Garneau, Canada’s Minister of Transport.“I’m immensely proud that CN has chosen a made-in-Ontario solution to manufacture new generation, high-capacity, grain hopper cars. Ontario-made is quality-made. CN is a great contributor to Ontario’s economy, consumers and communities, and its role is especially valued as the Province and the country recover from COVID-19. It’s investments like these that will create jobs and prosperity across the country as Ontario-made grain cars will be used in the movement of Western Canadian Grain.”
– Doug Ford, Premier of Ontario“As we continue to see the North American economy recover, CN is determined to play an essential role in Canada’s return to national prosperity following the challenge of COVID-19. We are doing it in many ways – including by making significant investments in the places we serve. The $1-billion CN plans on investing in Ontario over the next two years demonstrates our ongoing commitment to the Province. The purchase of new railcars will encourage economic recovery, and help CN continue to meet the growing needs of grain farmers and grain customers across Canada.”
– JJ Ruest, President and Chief Executive Officer, CN“CN has a long history of being a key driver in the economic strength of Hamilton. Today’s announcement is another example of the longstanding relationship between Hamilton and CN, this investment means gainful employment for the skilled trades in our city and a bright future for rail transport in Canada.”
– Bob Bratina, Member of Parliament, Hamilton East-Stoney CreekCN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the Southern tip of the U.S through a 19,500 mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.