CN Investing $105 Million in Manitoba NYSE:CNI

July 7, 2020 Off By administrator

WINNIPEG, Manitoba, July 07, 2020 (GLOBE NEWSWIRE) — CN (TSX: CNR) (NYSE: CNI) announced today that, as part of its strategic investments to support growing demand and enable supply chains, it plans to invest over $105 million (CAD) across Manitoba in 2020. The investments will focus on maintenance including the replacement of rail and ties, as well as bridges, level crossings, culverts, signal systems and other track infrastructure.

“We take our essential role in the North American economy seriously and these investments in Manitoba are a key part of our strategy to support growth. The Company remains committed to help enable supply chains that fuel Manitoba’s growth as we are a critical part of getting everyday goods to markets and consumers. Safety is a core value at CN and by investing in the maintenance and expansion of our track and capacity, we are providing customers with a safe and reliable solution at a time when fluid supply chains are more critical than ever.”
– James Thompson, Vice-President, Western Region at CN
“Remaining committed to supporting Canadian businesses, our government continues to invest in Canada’s economy to encourage economic growth. We are pleased to see companies such as CN do their share by investing in improving safety, growing its capacity and enabling trade through a safe and reliable rail network. Manitoba plays a central role in Canada’s rail network, connecting east, west, north and south. These investments support safe, efficient, internal and cross-border trade across the province, benefiting the Canadian economy as a whole.”
– The Honourable Marc Garneau, Minister of Transport, Government of Canada

“Recent global events have highlighted the importance of keeping supply chains open and ensuring farmers and producers can transport their products to domestic and global markets, safely and reliably. That’s why the Government of Canada continues to invest in the National Trade Corridor Fund and the Rail Safety Improvement Program through Transport Canada. This investment by CN will ensure Manitoba continues to be a safe and reliable part of Canada’s supply chain.”
– The Honourable Dan Vandal, Minister of Northern Affairs, Government of Canada, and Member of Parliament for Saint Boniface–Saint Vital

“The province of Manitoba appreciates CN’s ongoing commitment to making investments that improve safety and promote economic growth in the province. CN plays an important role in moving Manitoba’s economy forward.”
– The Honourable Ron Schuler, Minister of Infrastructure, Government of Manitoba

The Company’s investments will create greater capacity, which supports reductions in its customer’s transportation supply chain GHG emissions, by encouraging the use of rail for long haul needs. This reduces emissions, traffic congestion, accidents and burdens on public transportation infrastructure as one freight train can replace over 300 trucks…

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