From a Canadian Crown Corporation to a Thriving, Efficient, World-Class Publicly-Traded, Transportation Company
MONTREAL, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Exactly 25 years ago today, the Government of Canada put CN (TSX: CNR) (NYSE: CNI) shares up for sale to investors; at C$2.25 billion, it was the biggest IPO in Canadian history. At the time, CN was the largest and oldest Crown Corporation in Canada. Today CN is a world-class transportation leader and trade-enabler.
To mark this important anniversary, JJ Ruest, CN’s President and Chief Executive Officer, will ring the Opening Bell at the Toronto Stock Exchange (TSX) and the Closing Bell at the New York Stock Exchange (NYSE).
“The privatization of CN was anticipated with widespread skepticism, but executed with startling success and today it is the source of enormous pride for our employees and all those involved over the years. It allowed CN to unleash the powerful creative and competitive forces of our railroaders. I want to thank everyone who contributed to this success as well as our employees for their dedication to safely moving the economy for our customers and for the communities where we operate. Twenty-five years after the IPO and with safety as our core value, our future is all about performance and customer service, generating long-term value for our shareholders. It’s been an amazing 25 years and the journey continues.”
- JJ Ruest, President and Chief Executive Officer of CN
On November 17th 1995, CN’s shares were listed on the TSX and NYSE. The IPO raised C$2.25 billion for the Government of Canada. Today, CN has a market capitalization of approximately C$100 billion. An investment of C$1,000 in CN stock in 1995 would be worth more than C$63,000 today.
In the past quarter century, CN has expanded its network to reach three coasts, from the Atlantic to the Pacific and south to the Gulf of Mexico. It has acquired the Illinois Central Railroad, the Wisconsin Central Railroad, the Elgin, Joliet & Eastern Railway, and BC Rail. Each of those railways, as well as the Grand Trunk Western, are represented by one of the locomotives specially painted by CN for the 25th anniversary of its IPO and they will be rolling on CN’s network to move its customers’ goods.
CN has also become a leader in technology and innovation. Privatization allowed it to pioneer the Precision Scheduled Railroading model, which has vastly improved railroad efficiency since it was implemented at CN in 1998. Artificial intelligence and advanced data analysis are now propelling CN into the next evolution; the digitalization of scheduled railroading.
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 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. Reference should be made to Management’s Discussion and Analysis 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.
CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the Southern tip of the U.S. through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.