CN Investing $25 Million in Minnesota
29 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 $25 million (USD) across
Minnesota in 2020. The investments will focus on docks repairs,
replacement of rail and ties, 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 Minnesota are a
key part of our strategy to support growth. The Company remains
committed to help enable supply chains that fuel Minnesota’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
“Investment in rail transportation
infrastructure is critical to long-term economic growth and jobs
across Minnesota. CN’s sustained commitment to robust freight rail
investment and continued partnership will go a long way as
Minnesota charts a bold path to economic
recovery.” -
Margaret Anderson Kelliher, Minnesota Department of Transportation
Commissioner
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:
- Replacement of more than 10 miles of rail
- Installation of over 4,700 new railroad ties
- Rebuilds of 10 road crossing surfaces
- Maintenance work on docks, culverts, signal systems, and other
track infrastructure
Minnesota in numbers:
- Capital investments: More than $175 million in the last five
years
- Employees: approximately 512
- Railroad route miles operated: 426
- Community partnerships: $90,000 in 2019
- Local spending: $129 million in 2019
- Cash taxes paid: $13 million in 2019
The North Star State is home to CN’s Iron Ore
Supply Chain, which brings taconite pellets from the Minnesota Iron
Range mines to the CN docks in Duluth and Two Harbors. There, the
pellets are loaded onto Great Lakes ships for transport to the
lower Great Lakes. CN’s major facilities in Minnesota include an
intermodal terminal in Duluth, a rail classification yard and
railcar/locomotive repair shop in Proctor, a yard near the Two
Harbors iron ore dock, and the Duluth iron ore dock itself.
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 |
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