CN Transfers Hamilton and Hagersville Lines to RailLink Ltd.TORONTO--(BUSINESS WIRE)--Aug. 22, 1997--Canadian National Railway Company (ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). CNR See riser card. CNR - Communication and Network Riser ;NYSE NYSE See: New York Stock Exchange CNI (1) (Certified NetWare Instructor) See Novell certification. (2) (Coalition for Networked Information, Washington, DC, www.cni.org) A partnership of the Association of Research Libraries, CAUSE and EDUCOM, founded in 1990. ) announced today it has reached an agreement in principle to transfer two southwestern Ontario Southwestern Ontario is a region of the Canadian province of Ontario, centred on the city of London. It extends north to south from the Bruce Peninsula on Lake Huron to the Lake Erie shoreline, and east to south-west roughly from Kitchener to Windsor. lines to RaiLink, Ltd., of Edmonton, Alta. RaiLink will operate the line linking Brantford, Ont., and Nanticoke on Lake Erie and track serving Hamilton's north-end industrial area. The two segments tie into CN's high-density mainlines. The transfer of the Brantford-Nanticoke line, known as CN's Hagersville Subdivision, is scheduled for Sept. 20, 1997. The Hamilton transaction will close by December 1997. The Hagersville Subdivision consists of 90.91 kilometres (56.5 miles) of track, while CN's Northern and Northwestern (N&NW) spur line in north-end Hamilton is composed of 6.87 kilometres (4.27 miles) of track. The Hagersville and N&NW tracks are freight-only lines, transporting about 35,000 carloads annually for industrial producers in the region between Hamilton and the north shore of Lake Erie. Francois Hebert, CN's assistant vice-president, business planning and network rationalization, said: "Sales to short line railways allow CN to concentrate on what it does best - operate a heavy-duty core rail system transporting large volumes. Short lines are very successful at improving local rail service on light-density lines. This explains their phenomenal growth throughout North America." The transfer of these two lines will affect 77 employees, who have a number of options available to them, including transfer to other CN operations, severance payments or early retirement. Canadian National is Canada's largest and North America's sixth largest freight railroad, based on 1996 revenue of $4.0 billion. It serves all of Canada, including the key ports of Vancouver, Montreal and Halifax, and gateways of Chicago and Detroit with connections to all points in North America. CONTACT: Canadian National Railway Company Canadian National Railway Company (NYSE: CNI, TSX: CNR) is a Canadian rail transportation company that operates the Canadian National Railway. It was created in December, 1918 as a Crown corporation of the Government of Canada to nationalize several bankrupt rail systems Ian Thomson, 416/ 217-2395 Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com |
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