- Canadian National Railway (CNR) plans to invest $350 million in Ontario in 2021 as part of its $3 billion capital investment plan
- CN will focus on technology, capacity, and infrastructure maintenance to enhance the safety and fluidity of its network
- The company hopes that its investment will encourage the use of rail for long haul
- Canadian National Railway Company (CNR) is up 0.46 per cent, trading at $132.91 per share
Canadian National Railway (CNR) plans to invest $350 million in Ontario in 2021 as part of its $3 billion capital investment plan.
In Ontario, CN will focus on technology, capacity, and infrastructure maintenance to enhance the safety and fluidity of its network.
Derek Taylor, vice president of CN’s Eastern Region, commented on the investment.
“Our consistent and proactive infrastructure investment strategy and the essential work of our employees and supply chain partners are what enable CN to keep the economy moving safely and smoothly year after year,” he said.
The maintenance program will include:
- Replacing 67 miles of rail;
- Installing approximately 176,000 new railroad ties;
- Rebuilding 85 road crossing surfaces; and
- Maintenance work on bridges, culverts, signal systems, and other track infrastructure.
Part of CN’s investment plan includes its goal to help with economic recovery and to be a part of the climate solution. By creating a more fluid and efficient network, the company hopes that it will encourage the use of rail for long-haul transportation, leading to reduced emissions.
“Our government salutes CN for its commitment to rail safety and the fluidity of its network while minimizing pollution,” said Omar Alghabra, Canada’s Minister of Transport. “We will continue to support green projects that keep Canadians safe, stimulate the economy, and ensure that our rail network remains one of the most efficient and secure rail transportation systems in the world.”
In Ontario, CN employs around 4,000 people and operates 2,546 miles of railroad throughout the province. CN has provided more than $1.4 billion in capital investments in the province in the last five years.
“CN’s continued investment into its rail infrastructure is good news for Ontario. Rail service is critical to many Ontario supply chains. CN is an important freight transportation company that moves goods needed by Ontarians,” remarked Caroline Mulroney, Ontario’s Minister of Transportation.
CN is a world-class transportation leader and trade enabler.
Canadian National Railway Company (CNR) is up 0.46 per cent, trading at $132.91 per share as of 9:38 am ET.