CN Announces Nova Scotia Partnership with Genesee & Wyoming
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Acquisition of a Stake in Cape Breton & Central Nova Scotia Railway (CBNS) is Focused on Consolidation and Long-Term Growth Opportunities
MONTREAL, Nov. 01, 2023 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) today announced that it acquired from Genesee & Wyoming Inc., a stake in the Cape Breton & Central Nova Scotia Railway that includes 145 miles of active track.
“We are proud to be partnering with Genesee & Wyoming to serve existing customers on this line. This partnership will further reinforce CN’s presence in eastern Canada where we believe there will be a growing role to play in the competitiveness of North American trade. It will also enable our network to reach new opportunities in the longer-term, further advancing our strategic agenda of accelerating profitable, sustainable growth.”
- Patrick Lortie, Senior Vice-President and Chief Strategy Officer at CN
The CBNS railway, which interchanges with CN’s mainline at Truro, Nova Scotia, will continue to be operated by a Genesee & Wyoming Inc. subsidiary. This will ensure a seamless, safe, and efficient continuation of service for customers.
About CN
CN is a world-class transportation leader and trade enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. CN’s network connects Canada’s Eastern and Western coasts with the U.S. South through an 18,600-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.
CN Forward-looking Statements
Certain statements by CN included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN 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. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. 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 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. 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 and available on CN’s website, for a description of major risk factors.
Contacts:
| Media | Investment Community |
| Jonathan Abecassis | Stacy Alderson |
| Director, Public Affairs and | Assistant Vice-President |
| Media Relations | Investor Relations |
| (438) 455-3692 | (514) 399-0052 |
| media@cn.ca | investor.relations@cn.ca |
FAQ
What stake did CN acquire?
How many miles of active track does the CBNS railway have?
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Will the CBNS railway continue to be operated by Genesee & Wyoming Inc.?
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