CN acquiring more than 2,200 new freight cars and 1,300 containers in 2012 to support traffic growth and improve customer service
MONTREAL, Sept. 4, 2012 /CNW Telbec/ - CN (TSX: CNR) (NYSE: CNI) announced today that it is acquiring more than 2,200 new freight cars in 2012, as well as 1,300 new containers, to support traffic growth and improve customer service.
Jean-Jacques Ruest, executive vice-president and chief marketing officer, said: "CN is acquiring new freight cars and containers for a range of markets, including forest products, metals, minerals, coal, iron ore, steel, consumer goods, finished vehicles, and grain. These fleet additions will help us grow in line with our customers' demands and ensure CN has the right mix of modern, productive assets."
CN's largest rolling stock addition in 2012 is the acquisition of 600 premium 60-foot, double-door box cars for forest products, and metals traffic. These higher payload cars help improve customer loading efficiency.
CN's other main 2012 fleet additions are:
- 1,300 containers for grocery and consumer goods.
- 558 high-capacity modern covered hoppers for grain exports.
- 317 multi-level cars for finished vehicles deliveries to major cities.
- 300 gondolas for coal exports.
- 232 new ore cars for pelletized iron ore produced in Minnesota to supply steel mills in the United States.
- 200 multi-purpose box cars for the North American freight car pool.
Ruest said: "CN's rolling stock acquisition strategy is responding to evolving market conditions and is intended to ensure reliable, predictable supply chains for our customers."
CN - Canadian National Railway Company and its operating railway subsidiaries - spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico, serving the ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key metropolitan areas of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, and Jackson, Miss., with connections to all points in North America. For more information on CN, visit the company's website at www.cn.ca.
Certain information included in this news release constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. CN cautions that, by their nature, these 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. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause the actual results or performance of the Company or the rail industry to be materially different from the outlook or any future results or performance implied by such statements. Important factors that could affect the above forward-looking statements include, but are not limited to, the effects of general economic and business conditions, industry competition, inflation, currency and interest rate fluctuations, changes in fuel prices, legislative and/or regulatory developments, compliance with environmental laws and regulations, actions by regulators, various events which could disrupt operations, including natural events such as severe weather, droughts, floods and earthquakes, labor negotiations and disruptions, environmental claims, uncertainties of investigations, proceedings or other types of claims and litigation, risks and liabilities arising from derailments, and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should be made to "Management's Discussion and Analysis" in CN's annual and interim reports, Annual Information Form and Form 40-F filed with Canadian and U.S. securities regulators, available on CN's website, for a summary of major risks.
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 Canadian 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.
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