Canadian National
Canadian National
Canadian National
CN: Disappointed in Court Decision on EJ&E Grade Separation Projects
CHICAGO — CN expressed disappointment with the decision of the U.S. Court of Appeals for the District of Columbia Circuit in Washington, D.C. denying the company’s request to reverse the Surface Transportation Board’s (STB) order requiring the railroad pay for the majority of the costs associated with two highway grade separation projects. In its Dec. 24, 2008 decision approving CN’s acquisition of the principal portion of the Elgin, Joliet and Eastern Railway Company (EJ&E), the STB ordered CN to pay 67 percent of the cost for a grade separation at Ogden Avenue in Aurora, Ill., and 78.5 percent of a separation at Lincoln Highway in Lynwood,
Canadian National
Mongeau: ‘To Succeed, We Have to Take This Journey Together’
Canadian National
CN, CAW Ratify New Agreement
MONTREAL — CN said that members of the Canadian Auto Workers union have ratified four-year collective agreements with the company and CNTL, a subsidiary of CN. The agreements, retroactive to Jan. 1, 2011, provide wage and benefit increases to CAW members. In addition, the settlements contain progressive provisions to help CN retain and attract skilled employees critical to its workforce in the years ahead. The CAW represents approximately 3,400 workers in three distinct bargaining units at CN – mechanical, clerical/intermodal and excavator operators; and one bargaining unit covering approximately 575 owner-operator truck drivers at CNTL. CN and CNTL reached tentative agreements
Canadian National
CN Announces 2011 Capital Investments to Maintain, Improve Network
MONTREAL — CN said it plans to invest C$1.7 billion in 2011 to maintain a safe and fluid railway network, to grow the business efficiently and to continue to provide customers with a high level of service. Claude Mongeau, president and chief executive officer, said: “CN is focused on running a safe, sustainable railway and growing our business profitably at low incremental cost. We are pursuing this agenda through infrastructure investments, strengthening ties with our customers, and innovative service improvements. Our service innovations include ‘first-mile/last-mile’ initiatives that respond to customer needs at origin and destination, and supply chain collaboration that emphasizes
Canadian National
CN Announces Plan to Buy Back Shares
MONTREAL — CN said it intends to purchase for cancellation up to three million of its common shares pursuant to private agreements between CN and an arm’s-length third-party seller. The purchases will form part of CN’s 16.5-million share-repurchase program announced on Jan. 25, 2011. Such purchases will be made pursuant to an issuer bid exemption order issued by the Ontario Securities Commission and will take place before the end of March 2011. The price that CN will pay for any common shares purchased by it under such agreements will be negotiated by CN and the seller and will be at a discount
Canadian National
CN, Montreal Port Authority, Montreal Gateway Terminals Partnership and Termont Montreal Reach Agreements
MONTREAL — CN, the Montreal Port Authority (MPA) and the two companies that operate the port’s three key container terminals announced today two level of service agreements (LSAs) that will drive a strong focus on supply chain efficiencies. The two agreements – one signed by CN, the port authority and Montreal Gateway Terminals Partnership (MGT), which operates the CAST and RACINE terminals, and another signed by CN, the port authority and Termont Montreal — complement a framework agreement that CN and the MPA reached in September 2010. Under last fall’s agreement, CN and the port decided to develop a best-practices vision for
Canadian National
CN Reports Q4 2010 Income
MONTREAL — CN reported its financial and operating results for the fourth quarter and year ended Dec. 31, 2010. Fourth-quarter and full-year 2010 highlights — Net income for the final quarter of 2010 was C$503 million, or C$1.08 per diluted share, versus fourth-quarter 2009 net income of C$582 million or C$1.23 per diluted share. — Q4-2010 net income increased by 19 per cent over comparable adjusted 2009 net income of C$424 million, with Q4-2010 diluted earnings per share (EPS) up 20 per cent over adjusted diluted EPS of C$0.90 for the final quarter of 2009. — Operating income for the fourth quarter of 2010 increased
Canadian National
CN Announces New Share Repurchase Program
MONTREAL — CN announced that its Board of Directors has authorized a normal-course-issuer bid to purchase, for cancellation, up to 16.5 million, or 3.6 per cent, of the common shares issued and outstanding of the Company on Jan. 17, 2011. Approximately 459.6 million CN common shares were issued and outstanding on that date. The price to be paid by CN for any common shares will be the market price at the time of acquisition, plus brokerage fees, or such other price as the Toronto Stock Exchange (TSX) may permit. CN recently completed a share repurchase program announced in January 2010, under which
Canadian National
CN, Squamish Terminals, Tembec, Canfor Pulp, West Fraser and Daishowa-Marubeni sign Service Level Agreement
VANCOUVER — CN, Squamish Terminals Ltd., Tembec Inc., Canfor Pulp Limited Partnership (CPLP), West Fraser Timber Co. Ltd. (WFT) and Daishowa Marubeni International Ltd. have reached an agreement in principle on measures that will result in improvements in supply chain efficiencies for the export of wood pulp from B.C. pulp mills to markets worldwide. Squamish Terminals is located on Howe Sound, just 32 nautical miles north of Vancouver, and is open to all major break-bulk shipping lines. Squamish Terminals is a wholly owned subsidiary of Grieg Star Shipping AS. Under the agreement, CN will provide seven-day-a-week service to Squamish Terminals,