OTTAWA (dpa-AFX) - Canadian National Railway Co. (CNI, CNR.TO) announced plans to invest C$1.75 billion in 2012 to maintain and upgrade its railway network, support growth and productivity initiatives, and continue to provide customers with a high level of service.
The company said that more than C$1 billion of its 2012 capital investment program will be targeted on track infrastructure to maintain safe railway operations and to enhance the productivity and fluidity of the rail network. This includes replacement of rail, ties and other track materials and bridge improvements.
CN's infrastructure envelope also includes funds for initiatives such as rail-line and yard improvements on the Elgin, Joliet and Eastern Railway Company that CN acquired in 2009, extended sidings along its Edmonton-Prince Rupert, B.C., corridor, and longer passing tracks in Northern Ontario.
Equipment spending will include the acquisition of new freight cars and locomotive upgrading and is targeted to reach approximately C$150 million in 2012.
The company also said that it expects to spend approximately C$500 million on various projects to take advantage of growth opportunities and to acquire information technology to support Operational and Service Excellence and other opportunities that enhance productivity.
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© 2012 AFX News
