CN Investing $35 Million in Iowa
28 Juli 2020 - 3:00PM
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 $35 million (USD) across
Iowa in 2020. The investments will focus on the replacement of ties
and maintenance of bridges, level crossings, culverts, signal
systems and other track infrastructure as well as continued
investments in Positive Train Control.
“We take our essential role in the North
American economy seriously and these investments in Iowa are a key
part of our strategy to support growth. The Company remains
committed to help enable supply chains that fuel Iowa’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
“CN has made significant investments for years
across Iowa. These investments will link us to global markets
and set a firm foundation for a rapid economic recovery. CN’s
rail network helps our farmers, ethanol plants and, ultimately,
Iowa
consumers.” -
Tim Kraayenbrink, Iowa State Senator
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 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:
- Installation of over 95,000 new railroad ties
- Rebuilds of 19 road crossing surfaces
- Maintenance work on bridges, culverts, signal systems, and
other track infrastructure
Iowa in numbers:
- Capital investments: More than $200 million in the last five
years
- Employees: approximately 262
- Railroad route miles operated: 574
- Community partnerships: $47,000 in 2019
- Local spending: $24 million in 2019
- Cash taxes paid: $4 million in 2019
Through CN’s subsidiary, the Chicago, Central
& Pacific Railroad, CN’s rails stretch the breadth of Iowa,
from the Missouri River in the west to the Mississippi in the east.
CN carries a wide variety of manufactured and industrial products
like food, machinery, electrical equipment, chemical products and
primary metals. In addition to serving local businesses, CN’s
ethanol franchise is centred in the Hawkeye State with several
plants along the route between Dubuque and Sioux City and Council
Bluffs.
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.
Contacts: |
Media |
|
Investors |
Jonathan Abecassis |
|
Paul Butcher |
Senior Manager |
|
Vice-President |
Media Relations |
|
Investor Relations |
(514) 399-7956 |
|
(514) 399-0052 |
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