MONTREAL, Feb. 9, 2017 /PRNewswire/ - CN (TSX: CNR) (NYSE:
CNI) today announced its planned C$2.5
billion capital program in 2017 focused on hardening its
core infrastructure.
"We once again are investing with a focus on advancing safety,
service and productivity through infrastructure maintenance,
strategic growth initiatives and new technology," said Luc Jobin, CN's president and chief executive
officer. "We remain committed to investing in our business as we
continue to advance our agenda of operational and service
excellence."
CN plans to invest approximately C$1.6
billion, consistent with last year's investment, on track
infrastructure to maintain a safe and efficient network. The
planned work includes the replacement of 2.2 million rail ties and
installation of more than 600 miles of new rail, plus work on
bridges, branch line upgrades and other general track
maintenance.
The company plans to invest approximately C$400 million in 2017 to advance the
implementation of PTC, the safety technology mandated by the United
States Congress, along parts of its U.S. network. CN will install
the hardware on approximately 3,500 route-miles and plans to invest
a total of US$1.2 billion on the
entire project by 2020.
Approximately C$500 million is
expected to be spent on equipment, expansion projects and
information technology initiatives to serve growing business,
improve service for customers and advance safety. This includes
planned growth investments to capitalize on Canadian west coast
port expansions and key customer projects, and safety technology
investments such as wayside inspection systems and track testing
vehicles.
Jobin added: "Our 2017 capital program maintains a steady level
of investment focused on the maintenance and integrity of our
network. This allows us to meet the needs of our customers today
and for the long run while pursuing our goal of being the safest
railroad in North America."
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 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; security threats; reliance on technology;
trade restrictions; transportation of hazardous materials; various
events which could disrupt operations, including natural events
such as severe weather, droughts, 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; 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, 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.
SOURCE CN