CN to Invest $150 Million in Illinois Enabling Sustainable Growth, Improving Capacity and Advancing the Company’s Commitment to Safety
CN plans to invest approximately $150 million in Illinois in 2022, focusing on technology, capacity, and decarbonization initiatives, enhancing network improvements. Key maintenance efforts include replacing over 10 miles of rail and installing approximately 133,000 new railroad ties. Over the past five years, CN has invested more than $1 billion in the region, operating 1,254 railroad route miles and employing around 1,500 people. The initiative aims to support sustainable growth and the safe movement of goods across CN’s transcontinental network.
- Investment of $150 million indicates commitment to network enhancement.
- Over $1 billion invested in Illinois over the last five years supports long-term growth.
- Improvement of infrastructure through maintenance of rail and ties enhances operational efficiency.
- None.
CN is building the premier railway of the 21st century by investing in Illinois
HOMEWOOD, Illinois, June 27, 2022 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately
“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
“Being home to the largest inland port in North America, Will County communities rely on having good partnerships with all players in the transportation industry. CN has been an outstanding partner to our member communities. They have been accessible and worked with all of our communities to help bring good jobs and a good quality of life to our residents. We look forward to continuing our work with CN to move goods through our region in an efficient manner and grow our region’s economy.”
- Hugh O’Hara, Executive Director, Will County Governmental League
Maintenance program highlights include:
- Replacing more than 10 miles of rail;
- Installing approximately 133,000 new railroad ties;
- Rebuilding 35 road crossing surfaces; and
- Maintenance work on bridges, culverts, signal systems, and other track infrastructure
Illinois in numbers:
- Capital investments: More than US
$1 billion in the last five years - Employees: approximately 1,500
- Railroad route miles operated: 1,254
- Community partnerships: US
$347,000 in 2021 - Local spending: US
$943 million in 2021 - Cash taxes paid: US
$38 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 |
| 514-399-7956 media@cn.ca | (514) 399-0052 investor.relations@cn.ca |
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