CN Orders 60 More Locomotives from GE Transportation
Sep. 05, 2018
CHICAGO--(BUSINESS WIRE)--Sep 5, 2018--GE Transportation (NYSE:GE) announced today that CN (TSX: CNR) (NYSE: CNI) will acquire 60 additional locomotives, expanding the class I’s 200-unit order placed in December 2017.
“With strong demand across our business, we continue to invest for the long haul with these locomotives that further expand the reliability and size of our fleet,” said JJ Ruest, president and chief executive officer of CN. “With expanded infrastructure and new equipment, we are giving our industry-leading transportation team the tools they need to provide higher levels of service with greater operating efficiency.”
Similar to CN’s 2017 purchase, this order includes Tier 4 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. The new purchase also includes a multi-year service agreement that supports CN’s long-term operational needs.
CN and the industry are seeing rail traffic growth. Year to date, North American rail volume is up roughly 3.5 percent compared with 2017, according to the Association of American Railroads.
“This agreement will expand on our valued relationship with CN. Our Tier 4 technology will further increase CN’s productivity and reliability and help them grow in the resurging North American segment,” said Rafael Santana, president and chief executive officer of GE Transportation. “We are proud to partner with CN to meet their future needs and drive further efficiency into their freight rail operations.”
All the CN locomotives will be produced at the GE Manufacturing Solutions facility in Fort Worth, Texas.
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 GE Transportation
At GE Transportation, we move the world and improve the world. We are a global technology leader and supplier of equipment, services and digital 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. GE Transportation is headquartered in Chicago, IL, and employs approximately 9,000 employees worldwide.
CN is a true backbone of the economy whose team of more than 25,000 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.
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CONTACT: GE Transportation
KEYWORD: UNITED STATES NORTH AMERICA CANADA ILLINOIS
INDUSTRY KEYWORD: TRANSPORT RAIL MANUFACTURING ENGINEERING
SOURCE: GE Transportation
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PUB: 09/05/2018 07:00 AM/DISC: 09/05/2018 07:00 AM