CN and Watco Announce Surface Transportation Board Approval of the Sale of Rail Lines in Wisconsin and Michigan
22 December 2021 - 1:00AM
CN (TSX: CNR) (NYSE: CNI) and Watco are pleased to announce that
the United States Surface Transportation Board (STB) has approved
the sale of non-core lines and assets on approximately 650 miles of
branch lines of Wisconsin Central Ltd. in Wisconsin and Michigan.
This marks an important step toward the successful conclusion of
the sale process that CN announced and launched in July of 2020,
which also includes the sale of the Soo subdivision (approximately
250 miles of track) that runs from Sault Ste. Marie, Ontario to
Oba, Ontario.
CN and Watco will work together in the coming
weeks to implement a seamless transition for customers on the
lines.
After closing, CN will continue to play a
central role in Wisconsin and Michigan, as the transferred segments
will remain connected to CN’s tri-coastal network, safely and
reliably linking businesses to markets around the world. CN is
committed to building the railway of the future -- a railroad that
creates value for its shareholders by truly serving the needs of
its customers.
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.
About WatcoWatco is a leading
service and logistics company providing transportation, mechanical
repairs and maintenance, material handling and warehousing, and
logistics solutions for customers throughout North America and
Australia. Watco is one of the largest short line railroad holding
companies in the U.S. with more than 5,000 miles of track. Through
its 40-year history, Watco has grown to be a leader in the railroad
industry through exceptional customer service, improved safety and
a strong commitment to its’ public and private partners. Watco
controlled railroads currently operate over 600 miles of track
within the state of Wisconsin. For more information on Watco, visit
watco.com.
CN 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 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. 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.
Contacts:
CN Media |
|
Media |
CN Investment
Community |
Jonathan
AbecassisSenior ManagerMedia Relations438-455-3692media@cn.ca |
Paul
ButcherVice-PresidentInvestor Relations(514)
399-0052investor.relations@cn.ca |
Watco MediaTracie
VanBecelaereCommunications DirectorWatco(620)
704-1288media@watco.com
Canadian National Railway (NYSE:CNI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Canadian National Railway (NYSE:CNI)
Historical Stock Chart
From Apr 2023 to Apr 2024