CN to Purchase 1,500 New Hopper Railcars in North America to Encourage Economic Recovery and Expand Grain Export
22 July 2020 - 6:15AM
CN (TSX: CNR) (NYSE: CNI) today announced that it plans to acquire
1,500 new generation, high-capacity, grain hopper cars with
delivery starting in January of 2021. These new railcars will
encourage the economic recovery through job creation in the North
American manufacturing sector and help CN continue to meet the
growing needs of grain farmers and grain customers.
“This investment, combined with our 2020 $2.9B
capital investment program, will help us move more grain. We are
confident in the future of the grain business and its key role in
CN’s long-term growth. By investing in the construction of these
new cars, we want to help quickly stimulate the North American
economy by supporting manufacturing and agriculture related jobs.”
-
JJ Ruest, President and Chief Executive Officer, CN
“CN’s Canadian grain movements continue to break
records, month after month, and these new higher-capacity hopper
cars will help perpetuate our growth in this key sector of the
North American economy. By purchasing new hopper cars for the
second time in two years, we are continuing to deliver on our
commitment to grain farmers, grain customers and the overall supply
chain to expand our collective capacity through fleet renewal.
Through this investment, we will be able to support and expand our
movements of grain to international markets as demand continues to
increase.”
-
James Cairns, Senior Vice-President, Rail Centric Supply Chain,
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.
CN is a true backbone of the economy,
transporting more than C$250 billion worth of goods annually for a
wide range of business sectors, ranging from resource products to
manufactured products to consumer goods, across a rail network of
approximately 20,000 route-miles spanning Canada and mid-America.
CN – Canadian National Railway Company, along with its operating
railway subsidiaries – serves the cities and ports of Vancouver,
Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile,
Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg,
Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis.,
and Jackson, Miss., with connections to all points in North
America. For more information about CN, visit the Company’s website
at www.cn.ca.
Contacts: |
|
Media |
Investors |
Jonathan Abecassis |
Paul Butcher |
Senior Manager |
Vice-President |
Media Relations |
Investor Relations |
514-399-7956 |
514-399-0052 |
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