CN is building the first railroad of the 21st century by investing in Tennessee
HOMEWOOD, Ill., June 27, 2022 (GLOBE NEWSWIRE) — CN (TSX: CNR) (NYSE: CNI) today announced plans to invest approximately $30 million in Tennessee in 2022. This includes investments in technology, rolling stock units and the business – extensive decarbonisation initiatives, as well as network improvements. These investments will fuel sustainable growth and ensure the continued safe movement of goods in Tennessee and throughout CN’s transcontinental network.
“We continue to make significant investments in our network, technology and capabilities. We are building the first railroad of the 21st century to do even more for our customers, railroad workers, shareholders and the communities in which we operate.
– Sean Finn, Executive Vice President, Corporate Services and Chief Legal Officer, CN
“Memphis is at the center of everything and at the heart of the logistics and distribution industry. As a valued partner, we rely on CN to reliably move goods and provide the services our city, state and country need.
– Jim Strickland, Mayor of Memphis
Maintenance program highlights include:
Installation of approximately 38,000 new railway sleepers;
Reconstruction of 16 road crossing surfaces; and
Maintenance work on bridges, culverts, signaling systems and other track infrastructure
Tennessee in numbers:
Capital investments: Over US$200 million over the past five years
Employees: approximately 560
Railroad miles operated: 173
Community partnerships: $39,000 in 2021
Local spending: US$23 million in 2021
Cash taxes paid: US$7.2 million in 2021
Certain statements included in this press release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and 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 these assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements can be identified by the use of terms such as “believes”, “expects”, “anticipates”, “assumes”, “outlook”, “plans”, “targets” or other similar words . Forward-looking statements reflect the information as of the date on which they are made. CN undertakes no obligation to update or revise any forward-looking statements to reflect future events, changes in circumstances or changes in beliefs, except as required by applicable securities laws. If CN updates any forward-looking statement, no inference should be made that CN will make additional updates with respect to such statement, related matters or any other forward-looking statement.
CN is a global transportation leader and business enabler. Vital to the economy, the customers and the communities it serves, CN safely transports more than 300 million tonnes of natural resources, manufactured goods and finished goods across North America each year. As the only railroad connecting the east and west coasts of Canada to the southern United States with an 18,600-mile rail network, CN and its affiliates have been helping communities prosper and trade sustainably since 1919. CN is committed to implementing programs that support social responsibility and environmental stewardship.