- Canadian railway operator CN (TSX:CNR) is rolling out a C$445 million investment to improve its freight networks in British Columbia
- The investment will include expansion projects to build on existing infrastructure, such as track additions and port developments
- It will also include various maintenance initiatives, including track replacements and bridge updates
- The work comes in support of growing demand and a need to increase the capacity of supply chains
- CR (CNR) is currently up 1.57 per cent and is trading at $120.04 per share at 11:56am EDT
Canadian railway operator CN (TSX:CNR) is rolling out a C$445 million investment to improve its freight networks in British Columbia.
Throughout the rest of the year, the company intends to undertake a variety of expansion projects.
These are expected to include additional tracks at shipping yards to handle growing traffic, the installation of new sidings and the construction of double tracks between Vancouver and Edmonton.
In conjunction with the Government of Canada, the Vancouver Fraser Port Authority and the Prince Rupert Port Authority, CN will also continue the development of multi-year initiatives designed to increase capacity at the ports.
CN's investment will also include a program of maintenance. It's anticipated that this work will focus on the replacement of rail and ties, as well as updates to level crossings, culverts, signal systems and other track infrastructure.
Claire Trevena, British Columbia's Minister for Transportation and Infrastructure, said a sound railway network is critical to local, provincial and national economies.
"Our government appreciates CN’s contribution and dedication to strengthen our supply chain, especially as we begin to safely restart the economy during COVID-19.
"Investments like this will ensure that we remain well positioned to support trade so British Columbians and Canadians have access to the products they need in their daily lives," she added.
The investments are expected to create a greater capacity for the movement of freight, which will in turn support reductions to greenhouse gas emissions by encouraging the use of rail for long-distance haulage.
James Thompson, Vice President of the Western Region at CN, said the company is serious about its role in the North American economy.
"The company remains committed to help enable supply chains that fuel British Columbia’s growth as we are a critical part of getting everyday goods to markets and consumers.
"Safety is a core value at CN and by investing in the maintenance and expansion of our track and capacity, we are providing customers with a safe and reliable solution at a time when fluid supply chains are more critical than ever," he concluded.
CN (CNR) is currently up 1.57 per cent and is trading at $120.04 per share at 11:56am EDT.