Canadian Pacific increases 2013 capital investment program
Targeting enhancements to network in Canada and United States
CALGARY, May 7, 2013 /PRNewswire/ - Canadian Pacific (TSX: CP) (NYSE: CP) today announced the company will move forward certain capital spending projects originally targeted for 2014 into this year, funded by a higher than anticipated 2013 cash-flow projection. As such, the company will be investing an additional $75 to $100 million into its 2013 capital investment program.
"As our railway continues to transform, we see opportunities to accelerate enhancements to key sections of our North American system," said Chief Executive Officer, E. Hunter Harrison. "By taking these opportunities now to further improve our operations, we will be better positioned to respond to our customers' shipping needs."
The projects are primarily focused on productivity, safety and efficiency, highlighted by the following:
- Advance track upgrade work on the North Main Line between Winnipeg and Edmonton
- Upgrades to signaling systems on CP's main line between Moose Jaw and Chicago, which will improve productivity and increase capacity to meet shipping growth
- Achieve further expense savings and strengthen the balance sheet by opportunistically acquiring core assets that would otherwise be leased
In December 2012, CP announced 2013 capital spending of up to $1.1 billion.
About Canadian Pacific
Canadian Pacific (TSX:CP)(NYSE: CP) is a transcontinental railway in Canada and the United States with direct links to eight major ports, including Vancouver and Montreal, providing North American customers a competitive rail service with access to key markets in every corner of the globe. CP is a low-cost provider that is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of Canadian Pacific.
SOURCE Canadian Pacific