CN to Invest $55 Million in Michigan Enabling Sustainable Growth, Improving Capacity and Advancing the Company’s Commitment to Safety
CN announced a $55 million investment in Michigan for 2022, aimed at enhancing technology, capacity, and decarbonization initiatives. Key maintenance includes replacing over 4 miles of rail, installing 50,000 new railroad ties, and improving road crossings. Over the past five years, CN has invested over $350 million in Michigan, supporting approximately 940 employees and operating 905 route miles. Forward-looking statements caution about risks and uncertainties affecting future outcomes.
- Investing approximately $55 million in Michigan to enhance technology and capacity.
- Over $350 million invested in Michigan in the last five years, indicating strong commitment.
- Improvements in infrastructure aimed at sustainable growth.
- None.
CN is building the premier railway of the 21st century by investing in Michigan
HOMEWOOD, Ill., June 30, 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
“CN’s railroad provides a key tunnel for commerce to flow between Port Huron and Sarnia, which is more critical now than ever before, due to supply chain issues. I’m grateful to CN for providing a quick and efficient way for goods to move between the United States and Canada, and appreciate their continued support and investment in our local economy.”
- Lisa McClain, U.S. Congresswoman, Michigan’s 10th Congressional District
Maintenance program highlights include:
- Replacing more than 4 miles of rail;
- Installing approximately 50,000 new railroad ties;
- Rebuilding 19 road crossing surfaces; and
- Maintenance work on bridges, culverts, signal systems, and other track infrastructure
Michigan in numbers:
- Capital investments: More than US
$350 million in the last five years - Employees: approximately 940
- Railroad route miles operated: 905
- Community partnerships: US
$111,000 in 2021 - Local spending: US
$107 million in 2021 - Cash taxes paid: US
$2.4 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 media@cn.ca | (514) 399-0052 investor.relations@cn.ca |
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