CN to Invest $365 Million in Alberta Enabling Sustainable Growth, Improving Capacity and Advancing the Company’s Commitment to Safety
June 22 2022 - 8:00AM
CN (TSX : CNR) (NYSE : CNI) announced today plans to
invest approximately C$365 million in Alberta in 2022. This
includes investments in technology, capacity, rolling stock units
and company-wide decarbonization initiatives, as well as network
improvements. These investments will power sustainable growth and
ensure the continued safe movement of goods in Alberta and
everywhere on CN’s transcontinental network.
"We continue to make significant investments in
our network, technology, and capacity. We are building the premier
railroad of the 21st century to do even more for our customers,
railroaders, shareholders, and the communities in which we
operate."
- Sean Finn, Executive Vice-President,
Corporate Services and Chief Legal Officer of CN
“At a time when the resilience of our supply
chains is more important than ever, investing in our rail
transportation system ensures essential goods can reach Canadians
on time. Railways play an important role in growing our economy,
and I am pleased to see CN taking this important step to strengthen
our rail networks. Today’s announcement will help improve the
fluidity of our rail network against the unprecedented disruptions
to service we have seen in the last two years, and is good news for
Canadians.”
- The Honourable Omar Alghabra,
Minister of Transport, Government of Canada
“CN’s significant investment in Alberta is
another sign that our economy is on a roll. CN’s commitment will
help keep our supply chain moving, ensuring Albertans continue to
receive the goods they rely on without delay. A safe and
sustainable rail network will support Alberta’s efforts to
diversify and create jobs.”
- Prasad Panda, Minister of
Transportation, Government of Alberta
Maintenance program highlights include:
- Replacing 45 miles of rail;
- Installing more than 70,000 new
railroad ties;
- Rebuilding 56 road crossing
surfaces; and
- Maintenance work on bridges,
culverts, signal systems, and other track infrastructure
Alberta in numbers:
- Capital investments: Approximately
$1.4 billion in the last five years
- Employees: approximately 3,000
- Railroad route miles operated:
2,519
- Community partnerships: $1.6
million in 2021
- Local spending: $645 million in
2021
- Cash taxes paid: $53 million in
2021
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.
About CNCN is a world-class
transportation leader and trade-enabler. Essential to the economy,
to the customers, and to the communities it serves, CN safely
transports more than 300 million tons of natural resources,
manufactured products, and finished goods throughout North America
every year. As the only railroad connecting Canada’s Eastern and
Western coasts with the U.S. South through a 19,500-mile rail
network, CN and its affiliates have been contributing to community
prosperity and sustainable trade since 1919. CN is committed to
programs supporting social responsibility and environmental
stewardship.
Contacts:
Media |
Investment Community |
Mathieu Gaudreault |
Paul Butcher |
Senior Advisor |
Vice-President |
Media Relations |
Investor Relations |
514-399-7956media@cn.ca |
(514)
399-0052investor.relations@cn.ca |
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