CN’s Investments in Ontario on Track to Reach over $1-billion by the end of 2022
28 August 2020 - 1:00AM
CN (TSX: CNR) (NYSE: CNI) is pleased to announce that it has
awarded a contract to build 1,150 new generation, high-capacity,
grain hopper cars to National Steel Car Ltd. of Hamilton, ON,
bringing to $1-billion the amount CN plans to invest in Ontario by
the end of 2022.
In addition to its purchase of 1,150 rail cars,
as well as CN’s ongoing annual capital investments, CN has also
pledged to invest more than $250-million in the construction of the
proposed Milton Logistics Hub, an essential transportation
infrastructure project that is critical to the economic future of
consumers in Ontario and Canada.
On July 21, 2020, CN announced it was purchasing
the new closed 55-foot eight-inch jumbo grain hopper cars, each
with 5,431 cubic feet of capacity. CN’s Western Canadian grain
fleet is comprised of CN-owned hoppers, leased cars and private
customer equipment. The new grain hopper cars will enable the
company to move more tonnage of grain per year.
‘’During this challenging year, CN has
demonstrated that it is an important partner in the nation’s
essential rail freight supply chain. CN’s commitment to purchase
new generation grain hopper cars will benefit the entire freight
system, and provide a significant economic boost to Canada’s
recovering
economy.’’ -
The Hon. Marc Garneau, Canada’s Minister of Transport.
“I’m immensely proud that CN has chosen a
made-in-Ontario solution to manufacture new generation,
high-capacity, grain hopper cars. Ontario-made is quality-made. CN
is a great contributor to Ontario’s economy, consumers and
communities, and its role is especially valued as the Province and
the country recover from COVID-19. It’s investments like these that
will create jobs and prosperity across the country as Ontario-made
grain cars will be used in the movement of Western Canadian
Grain.” - Doug
Ford, Premier of Ontario
“As we continue to see the North American
economy recover, CN is determined to play an essential role in
Canada’s return to national prosperity following the challenge of
COVID-19. We are doing it in many ways – including by making
significant investments in the places we serve. The $1-billion CN
plans on investing in Ontario over the next two years demonstrates
our ongoing commitment to the Province. The purchase of new
railcars will encourage economic recovery, and help CN continue to
meet the growing needs of grain farmers and grain customers across
Canada.” -
JJ Ruest, President and Chief Executive Officer, CN
“CN has a long history of being a key driver in
the economic strength of Hamilton. Today’s announcement is another
example of the longstanding relationship between Hamilton and CN,
this investment means gainful employment for the skilled trades in
our city and a bright future for rail transport in
Canada.” -
Bob Bratina, Member of Parliament, Hamilton East-Stoney Creek
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
Southern tip of the U.S 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.
Contacts: |
|
Media |
Investors |
Jonathan Abecassis |
Paul Butcher |
Senior Manager |
Vice-President |
Media Relations |
Investor Relations |
(514) 399-7956 |
(514) 399-0052 |
Canadian National Railway (TSX:CNR)
Historical Stock Chart
From Apr 2024 to May 2024
Canadian National Railway (TSX:CNR)
Historical Stock Chart
From May 2023 to May 2024