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CN is building the premier railway of the 21st century by investing in Nova Scotia
MONTREAL, June 23, 2022 (GLOBE NEWSWIRE) -- 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
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.
CN 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.