HALIFAX, Nova Scotia, June 22, 2018 (GLOBE NEWSWIRE) — CN (TSX:CNR) (NYSE:CNI) said today it plans to invest $10 million across Nova Scotia in 2018 to strengthen the company’s rail network in the province, improving safety and supporting efficient service.
The investments are part of CN’s overall capital program in 2018 and will focus on the replacement, upgrade and maintenance of key track infrastructure. Planned capital work in Nova Scotia will support network safety and efficiency through:
- Installation of 6 miles of new rail
- Installation of more than 2,100 railroad ties
- Rebuilds of road crossing surfaces and maintenance work on bridges, culverts, signal systems and other track infrastructure
Michael Farkouh, vice-president of CN’s Eastern Region, said: “We are again investing in Nova Scotia to support a safe and fluid railway network. CN remains committed to investing for the long haul to raise the bar on service for our customers across the province and North America, while continuing to strengthen our infrastructure in support of our unwavering commitment to railway safety.”
CN’s Nova Scotia rail network connects the Port of Halifax container terminals with markets in central Canada and the U.S. Midwest and accesses CN’s Autoport facility that handles vehicles for distribution across North America and to Newfoundland.
“I am pleased to see CN’s continued investment in Nova Scotia. Rail is integral to many industries across our province, and safe, efficient and reliable service is key to growing our economy,” explained Darren Fisher, member of parliament for Dartmouth-Cole Harbour and chair of the Nova Scotia Caucus.
“Rail is an integral part of Nova Scotia’s transportation system and these capital investments are a sign of CN’s commitment to its operations in our province,” said Transportation and Infrastructure Renewal Minister Lloyd Hines. “CN’s networks are always welcome and support our community.”
CN investing for the long haul
Across its network, CN continues to invest in trade-enabling infrastructure and equipment. Earlier this year, CN announced plans to acquire 350 new box cars to serve forest products and metals customers and to purchase 350 new lumber cars to meet growing demand to move wood products. In May, CN announced that it plans to acquire 1,000 Canadian built, new generation, high-cube grain hopper cars over the next two years to rejuvenate the aging equipment needed to serve increasing annual crop yields. This month, CN is taking delivery of the first of 60 new GE locomotives due in service in 2018. The balance of a multi-year, 200-unit order will be brought online in 2019 and 2020.
CN is also pleased to announce the establishment of a new, two-year Management Trainee Program designed to provide a solid operational background for the railway’s next generation of leaders. Over the course of the program, trainees will learn how CN operates and gain exposure to the Company’s business agenda of operational and service excellence for its customers across North America. Successful graduates will be placed in full-time, permanent management positions aligned with individual educational background and experience. The first 50 trainees, from both Canada and the United States, will start in July 2018.
Nova Scotia in numbers:
- Capital investments: Approximately $50 million in the last five years
- Employees: approximately 450 (includes 340 at Autoport, a wholly-owned CN subsidiary)
- Railroad route miles operated: 162
- Community partnerships: $217,000 in 2017
- Local Spending: $38 million in 2017
- Cash taxes paid: $3 million in 2017
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 known and unknown 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. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements include, but are not limited to, the effects of general economic and business conditions; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. 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.
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 whose team of approximately 25,000 railroaders transports 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.
|Jonathan Abecassis||Paul Butcher|
|Media Relations||Investor Relations|
|(514) 399-7956||(514) 399-0052|
|Community Affairs Lead, Nova Scotia|