CN to Invest $65 Million in Mississippi Enabling Sustainable Growth, Improving Capacity and Advancing the Company’s Commitment to Safety
29 June 2022 - 10:00PM
CN (TSX: CNR) (NYSE: CNI) announced today plans to invest
approximately $65 million in Mississippi 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 Mississippi 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
“CN is an important economic driver in our
state, enabling supply chains and linking Mississippi industry to
markets across the world. I look forward to our continued
partnership with CN as we work together towards creating growth in
all sectors of the Mississippi economy.”
- Tate Reeves, Governor of
Mississippi
Maintenance program highlights include:
- Replacing
approximately 5 miles of rail;
- Installing
approximately 130,000 new railroad ties;
- Rebuilding 14
road crossing surfaces; and
- Maintenance work
on bridges, culverts, signal systems, and other track
infrastructure
Mississippi in numbers:
- Capital
investments: More than US$300 million in the last five years
- Employees:
approximately 460
- Railroad route
miles operated: 575
- Community
partnerships: US$65,000 in 2021
- Local spending:
US$76 million in 2021
- Cash taxes paid:
US$19 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 |
514-249-4735 |
(514) 399-0052 |
media@cn.ca |
investor.relations@cn.ca |
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