Canadian National Railway Co. said Friday it plans to spend more than 1.5 billion Canadian dollars (US$1.3 billion, Ђ1.11 billion) on its infrastructure, productivity initiatives and strategic projects next year, an increase of 9 percent over 2005 spending.
Canada's largest railway company, which has a network that spans the country and reaches across the border to the southern and midwestern United States, said it would spend about 800 million Canadian dollars (US$685 million, Ђ585.62 million) on its infrastructure, replacing rail, ties, ballast and other track material and upgrading bridges and signaling systems.
It will also spend nearly 250 million Canadian dollars (US$214 million, Ђ182.95 million) on network productivity initiatives and strategic projects, including siding extensions in Western Canada, investments in the company's Prince Rupert corridor in northern British Columbia, and the reconfiguration of Johnston Yard in Memphis, Tennessee.
An additional 325 million Canadian dollars (US$278 million, Ђ237.67 million) will be spent on locomotives and freight cars in 2006, as well as 150 million Canadian dollars (US$128 million, Ђ109.43 million) on facilities, information technology and other projects.
At midday Friday, Canadian National shares traded at 94.23 Canadian dollars ($80.67), down two cents, at the Toronto Stock Exchange, AP reports.