The sale of the KCS line to CN will strengthen the transportation options of many local companies while resolving CP-KCS parallel track competition and preventing the decline of significant freight corridors due to lack of investment by CP-KCS. It will intensify the competition.
CN will invest in the Kansas City Speedway. This will benefit customers and communities, create unions and managers, and bring significant environmental benefits by removing 80,000 trucks a year from the road.
Montreal, March 1, 2022 (GLOBE NEWSWIRE) — CN (TSX: CNR, NYSE: CNI) yesterday merged the pending Canadian Pacific (“CP”) and Southern Kansas City (“KCS”) (collectively) “CP-KCS”).
CN’s response application requires STB to condition the approval of the CP-KCS merger for the sale of the KCS line from Kansas City, Missouri to Springfield and East St. Louis, Illinois (“Kansas City Speedway”) to CN. I am. STB’s statutory authority to order “sale of parallel trucks” as a merger condition. Allowing CN control of the line gives customers access to new competitive options for moving goods across major North American economic corridors.
“With proper ownership, we believe there is a clear opportunity to bring broad economic benefits to our customers and communities throughout the Midwest and Canada. CN intensifies competition, creates jobs and creates jobs. We have a comprehensive plan for the Kansas City Speedway to reduce road congestion and have a positive impact on the environment, reflecting CN’s ongoing efforts to ensure competition and choice in the industry. And is in line with President Byden’s presidential order on the 2021 competition. “
-Rob Riley, Executive Vice President and Chief Operating Officer
With the creation of the Kansas City Speedway by CN, customers, especially cars and intermodals, will have access to more competitive transportation options between Eastern Canada, Detroit, Chicago and Kansas City. This competitive solution to the proposed merger will enable the local economy to prosper. The community and customers are aware of the benefits of CN creating the Kansas City Speedway. More than 70 letters of support have been submitted to the STB, including letters from the City of East St. Louis and Parliamentarian Frank Mrvan (IN-01).
CN is a world-class transport leader and enables trade. An integral part of the economy, customers and serviced communities, CN safely transports over 300 million tonnes of natural resources, manufactured products and finished goods throughout North America each year. Since 1919, CN and its affiliates have contributed to community prosperity and sustainable trade as the only railroad linking Canada’s east and west coasts to the southern United States through a 19,500-mile rail network. CN is working on a program that supports social responsibility and environmental management.
Description of future prospects
The specific statements contained in this news release make up the meaning of the Private Securities Litigation Reform Act of 1995 and the “Prospects Statement” under the Securities Act of Canada. By its very nature, forward-looking statements include risks, uncertainties, and assumptions. We warn that the assumptions may not come true and that current economic conditions may increase uncertainty, although reasonable at the time such assumptions are made. .. Forward-looking statements can be identified by using terms such as “believe,” “expect,” “expect,” “assume,” “outlook,” “plan,” and “goal.”
Forward-looking statements are not a guarantee of future performance and, due to risks, uncertainties and other factors, the actual results or performance of the Company may be implied by such statements or in the future. Results or performance may differ significantly. A description of key risk factors is submitted to Canadian and US securities regulators and is available on the CN website for CN’s annual and interim reports, annual information forms and Form 40-F management. You need to refer to the discussion and analysis.
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CN aims to create a new competitive speedway for customers to submit to the Surface Transportation Board in the proposed CP-KCS merger, Canada Business Journal
Source link CN aims to create a new competitive speedway for customers to submit to the Surface Transportation Board in the proposed CP-KCS merger, Canada Business Journal