CN to Invest $185 Million in Saskatchewan Enabling Sustainable Growth, Improving Capacity and Advancing the Company’s Commitment to Safety
CN is building the premier railway of the 21st century by investing in Saskatchewan
MONTREAL, June 27, 2022 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately C$185 million in Saskatchewan 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 Saskatchewan 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
“The world needs Saskatchewan’s food, fuel and fertilizer. We are pleased to see this investment because a large part or our economy relies on Canada’s rail network to help deliver our products across North America and around the globe.”
- Jeremy Cockrill, Minister of Highways, Government of Saskatchewan
Maintenance program highlights include:
- Replacing 25 miles of rail;
- Installing more than 151,000 new railroad ties;
- Rebuilding 23 road crossing surfaces; and
- Maintenance work on bridges, culverts, signal systems, and other track infrastructure
Saskatchewan in numbers:
- Capital investments: More than $ 900 million in the last five years
- Employees: approximately 1,030
- Railroad route miles operated: 1,936
- Community partnerships: $720,000 in 2021
- Local spending: $124 million in 2021
- Cash taxes paid: $81 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 CN
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.
Contacts:
| Media | Investment Community |
| Mathieu Gaudreault | Paul Butcher |
| Senior Advisor | Vice-President |
| Media Relations | Investor Relations |
| 514-399-7956 | (514) 399-0052 |
