CALGARY, Feb. 4 /CNW Telbec/ - CN (TSX: CNR)(NYSE: CNI) today announced it plans to establish a new $100-million CN Calgary Logistics Park (http://www.cn.ca/calgarypark) in Conrich, located in Rocky View County north east of Calgary.
The 680-acre park is planned to include a state-of-the-art intermodal terminal with room for customers to co-locate with CN and custom build their facility in place. The Logistics Park will be designed to include a multi commodity transload and warehouse facility, an automotive compound, and a liquid/bulk transload and distribution facility. The site is strategically located a few miles east of the Calgary Airport, on Twp Road 250/ McKnight Boulevard, providing fluid access to Stoney Trail and other major roadways.
"We are very excited about business prospects in Alberta and this investment in the Calgary area," said Claude Mongeau, CN president and chief executive officer. This facility is part of our program to grow a network of logistics parks that provide seamless and efficient transportation and distribution capabilities for customers, linking their facilities across North America."
"Combined with CN's superior rail service offering, this is a win-win combination," said Mongeau.
Calgary is the third largest distribution centre in Canada and is becoming the logistics hub of Western Canada, serving a rapidly expanding market. The new site provides ample space for current and planned customer initiatives, and the park will be designed to allow easy expansion as the Calgary hub continues to grow.
The new CN Logistics Park will offer the potential for a total warehousing footprint of over two million square feet to customers who need to distribute their goods across Western Canada, whether sourced from Asia through the West Coast or coming from eastern Canada and the US. CN provides the fastest rail freight transit time between Eastern and Western Canada, which will allow customers' goods to be on the shelves within three days, a major advantage in managing inventory especially in peak season.
"This is an exciting prospect for Rocky View County and ties in well with our long-term strategic direction," stated the County's Chief Administrative Officer, Rob Coon. "An investment of this magnitude would bring substantial benefits to both the County and the Calgary regional area."
This project will be subject to regulatory approval, including a thorough environmental assessment and public consultation. With a scheduled opening expected in 2013, most of CN's Calgary yard operations will shift to the new Logistics Park. CN will also continue to provide quality rail service to customers along its existing lines in the City of Calgary.
Please visit http://www.cn.ca/en/calgary-logistics-park-map.htm for a map of the CN Calgary Logistics Park's location.
Certain information included in this news release are "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements relating to the magnitude and expected completion of the Logistics Park. CN cautions that, by their nature, these forward-looking statements involve risks, uncertainties and assumptions, and are subject to obtaining the required regulatory approvals. Implicit in these statements, particularly in respect of long-term growth opportunities, is the Company's assumption that there will be a gradual recovery in the North American economy, that global economic conditions will improve and that such long-term growth opportunities are less affected by the current situation in the North American and global economies. The Company has also assumed that current and planned customer initiatives will materialize, that the Calgary hub will continue to grow and customers will be attracted to the new location. 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 of 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, labour 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.
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.
For further information: For further information: Media: Kelli Svendsen, Senior Manager, Government and Public Affairs, (604) 589-6512; Investors: Robert Noorigian, Vice-President, Investor Relations, (514) 399-0052