MONTREAL, Sept. 24 /PRNewswire-FirstCall/ - CN (TSX:
CNR)(NYSE: CNI) and the Montreal Port Authority (MPA) announced
today the signing of a memorandum of understanding (MOU) that
commits the parties to develop a best-practices vision for the
gateway's supply chain, improve productivity, and leverage these
gains to increase their transportation market share.
Claude Mongeau, CN president and chief executive officer, said:
"The Port of Montreal is a leading
gateway for freight traffic moving between North America's industrial heartland and
northern European and Mediterranean markets. Our MOU with the port
authority establishes the framework to develop greater supply chain
efficiencies and to grow our share of freight traffic moving
between Europe and markets in
Ontario and the U.S. Midwest.
"The agreement flowing from this MOU will fulfill CN's objective
of reaching supply chain collaboration pacts with all of
Canada's major east coast and west
coast ports. We believe these agreements - driven by commercial
principles and stakeholder cooperation - will bolster the
competitiveness of these important maritime gateways and enhance
the competitiveness of our customers in global markets."
Sylvie Vachon, president and
chief executive officer of the MPA, said: "The unique intermodal
configuration that allows trains to be organized dockside, directly
at the terminals, is a major asset for the Port of Montreal. This agreement sheds light on our
shared commitment to preserve this competitive advantage by
continuously working to improve the port's rail service for the
benefit of our clients.
"There is no doubt that this agreement will help strengthen the
Port of Montreal's position as the
market leader in the North Atlantic, but it will also confirm the
status of the port as an intermodal gateway serving global
markets."
About the Port of Montreal
Operated by the Montreal Port Authority (MPA), the Port of
Montreal is a major diversified
transshipment centre that handles all types of goods -
containerized and non-containerized cargo, liquid bulk and dry
bulk. It is a leading container port served by seven of the ten
largest container-shipping lines in the world. Close to 1,250,000
TEUs (twenty-foot equivalent units) were handled at the Port of
Montreal in 2009, representing
11,266,000 tonnes of cargo.
The Port also handled 7,773,000 tonnes of liquid bulk, 2,898,000
tonnes of dry bulk, and 2,419,000 tonnes of grain in 2009. Port
activity supports 18,200 jobs and generates $1.5 billion in economic spin-offs annually. For
more information about the Port of Montreal, visit the authority's website at
www.port-montreal.com.
About CN
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, St.
Louis, 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.
Forward-Looking Statements
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 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, 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 maters, or any
other forward-looking statement.
SOURCE CN
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