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CN to Invest $335 Million in Quebec Enabling Sustainable Growth, Improving Capacity and Advancing the Company’s Commitment to Safety

ESG Canada Investing Sustainability

CN to Invest $335 Million in Quebec Enabling Sustainable Growth, Improving Capacity and Advancing the Company’s Commitment to Safety

CN is building the premier railway of the 21st century by investing in Quebec

CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately C$335 million in Quebec in 2022. This includes investments in technology, 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 Quebec and everywhere on CN’s transcontinental network.

See related article: Canada launches greenhouse gas offset credits to help tackle emissions

“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

“At a time when the resilience of our supply chains is more important than ever, investing in our rail transportation system ensures essential goods can reach Canadians on time. Railways play an important role in growing our economy, and I am pleased to see CN taking this important step to strengthen our rail networks. Today’s announcement will help improve the fluidity of our rail network against the unprecedented disruptions to service we have seen in the last two years, and is good news for Canadians.

  • The Honourable Omar Alghabra, Minister of Transport, Government of Canada

“For over 100 years, CN has been at the heart of the development of Quebec companies. We note that the $335 million in investments announced also include a portion for decarbonization initiatives and for bolstering the safety of their railway infrastructure, which we applaud. For the FCCQ and the network of chambers of commerce, this improved access to responsible freight transportation services is critical to encouraging the transition to new ESG business practices.”

  • Charles Milliard, President and CEO of the Fédération des chambres de commerce du Québec

Maintenance program highlights include:

  • Replacing 27 miles of rail;
  • Installing more than 118,000 new railroad ties;
  • Rebuilding 38 road crossing surfaces; and
  • Maintenance work on bridges, culverts, signal systems, and other track infrastructure.

Quebec in numbers:

  • Capital investments: more than $2.2 billion in the last five years
  • Employees: approximately 3,330
  • Railroad route miles operated: 2,044
  • Community partnerships: $2 million in 2021
  • Local spending: $1.7 billion in 2021
  • Cash taxes paid: $89 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.

Source: Globe Newswire


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