MONTREAL and CHICAGO, Dec. 22,
2017 /CNW/ - CN (TSX: CNR) (NYSE: CNI) today announced it
will acquire 200 new locomotives over the next three years from GE
Transportation (NYSE: GE) to accommodate future growth
opportunities and drive operational efficiency across its
system.
The order includes Tier 4 and Tier 3 (Tier 4 certified)
Evolution™ Series locomotives equipped with GE Transportation's
GoLINC™ Platform, Trip Optimizer™ System and Distributed Power
LOCOTROL® eXpanded Architecture to maximize train effectiveness and
efficiency. These solutions are part of GE Transportation's Train
Performance product suite, which optimizes power distribution,
train handling, brake control and fuel utilization.
"We are bullish on the North American economy and on our ability
to compete and win new business with our superior service model,"
said Luc Jobin, CN president and chief executive officer. "In the
years ahead, these GE Transportation locomotives and their digital
technology will support and enhance our operational efficiency. We
are proud to continue our partnership with GE Transportation and
look forward to adding these units to our fleet as part of our
commitment to operational and service excellence."
The locomotives will be produced at the GE Manufacturing
Solutions facility in Fort Worth,
Texas beginning in 2018. CN's order is the largest among
class I railways since 2014. The first units are expected to be
delivered in 2018 with the balance delivered in 2019 and 2020.
"CN's steadfast commitment to serving the expanding needs of its
customers across Canada and
the United States is helping to
turn around the North American locomotive market," said
Rafael Santana, chief executive
officer of GE Transportation. "We are proud to partner with CN on
this agreement to meet the needs of their future growth, and
optimize and further digitize their freight rail operations."
Forward-Looking Statements
Certain statements
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. 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. 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 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 to be materially different from the outlook or any
future results or performance implied by such statements.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements. Important risk factors that could
affect the 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; increases in maintenance and operating
costs; security threats; reliance on technology; trade
restrictions; transportation of hazardous materials; various events
which could disrupt operations, including natural events such as
severe weather, droughts, fires, floods and earthquakes; climate
change; labor negotiations and disruptions; environmental claims;
uncertainties of investigations, proceedings or other types of
claims and litigation; risks and liabilities arising from
derailments; timing and completion of capital programs; 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 (MD&A)
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.
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.
About CN
CN is a true backbone of the economy whose
team of approximately 23,000 railroaders transports more than
C$250 billion worth of goods annually
for a wide range of business sectors, ranging from resource
products to manufactured products to consumer goods, across a rail
network of approximately 20,000 route-miles spanning Canada and mid-America. CN – Canadian National
Railway Company, along with its operating railway subsidiaries –
serves the cities and ports of Vancouver, Prince
Rupert, B.C., Montreal,
Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of
Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth,
Minn./Superior, Wis., and
Jackson, Miss., with connections
to all points in North America.
For more information about CN, visit the company's website at
www.cn.ca.
About GE Transportation
At GE Transportation, we are
in the business of realizing potential. We are a global technology
leader and supplier of equipment, services and solutions to the
rail, mining, marine, stationary power and drilling industries. Our
innovations help customers deliver goods and services with greater
speed and savings using our advanced manufacturing techniques and
connected machines. Our digital solutions provide data-driven
insights to improve efficiency. Established more than a century
ago, GE Transportation is a division of the General Electric
Company that began as a pioneer in passenger and freight
locomotives. That innovative spirit still drives GE Transportation
today and is strengthened by our ability to serve customers more
holistically. GE Transportation is headquartered in Chicago, IL, and employs approximately 10,000
employees worldwide.
SOURCE CN