MONTREAL and CHICAGO, Dec. 22, 2017 /PRNewswire/ - 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."
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.
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.