CN to Invest $15 Million in Nova Scotia Enabling Sustainable Growth and Advancing the Company’s Commitment to Safety
June 23 2022 - 8:00AM
CN (TSX: CNR) (NYSE: CNI) announced today plans to invest
approximately C$15 million in Nova Scotia in 2022. These
investments will power sustainable growth and ensure the continued
safe movement of goods in Nova Scotia and everywhere on CN’s
transcontinental network.
"We continue to make significant investments in
our network and technology. 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
“Our railways play an important role in moving
goods that are critical to the economy. Today’s investment in the
rail line will positively impact long-term economic development and
sustainability in the region.”
- Kim Masland, Minister of Public
Works, Government of Nova Scotia
Maintenance program highlights include:
- Replacing 4 miles of rail;
- Installing approximately 20,000 new
railroad ties;
- Rebuilding 10 road crossing
surfaces; and
- Maintenance work on bridges,
culverts, signal systems, and other track infrastructure
Nova Scotia in numbers:
- Capital investments: More than $
100 million in the last five years
- Employees: approximately 270
- Railroad route miles operated:
162
- Community partnerships: $354,000 in
2021
- Local spending: $22 million in
2021
- Cash taxes paid: $6.3 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 18,600-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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