CN Investing $235 Million in Quebec
25 Juni 2020 - 9:00PM
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
Canada “These major investments are excellent news for the Quebec
economy. They will strengthen intermodality, particularly through
the Canadian National Railway’s extensive rail network. In
addition, by modernizing its infrastructure, CN will help improve
the efficiency of the Quebec logistics chain, in which it plays an
essential role.
” -
Charles Milliard, President and CEO, Fédération des chambres de
commerce du Québec The
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 also
continue to invest in important safety-enhancing technologies, such
as the Autonomous Track Inspection Program, and Automated
Inspection Portals.
Maintenance program highlights include:
- Replacement of more than 20 miles of rail
- Installation of approximately 140,000 new railroad ties
- Rebuilds of 47 road crossing surfaces
- Maintenance work on bridges, culverts, signal systems, and
other track infrastructure
Quebec in numbers:
- Capital investments: More than $ 1.8 billion in the last five
years
- Employees: approximately 3,925
- Railroad route miles operated: 2,041
- Community partnerships: $3.2 million in 2019
- Local spending: $2.1 billion in 2019
- Cash taxes paid: $211 million in 2019
CN’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.
Contacts: |
|
Media |
Investors |
Jonathan Abecassis |
Paul Butcher |
Senior Manager |
Vice-President |
Media Relations |
Investor Relations |
514-399-7956 |
514-399-0052 |
Canadian National Railway (TSX:CNR)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Canadian National Railway (TSX:CNR)
Historical Stock Chart
Von Apr 2023 bis Apr 2024