CN and Emons Transportation Group Reach Agreement on Sale of Quebec Eastern Townships Rail Line.MONTREAL--(BUSINESS WIRE)--July 23, 1998--Canadian National (ME:CNR.) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CNR.) (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 that it has reached an agreement in principle with Emons Transportation Group to sell its 157-kilometres (94-miles) rail line between Sainte-Rosalie, Que. and the Canada - U.S. border. The rail line, also known as the Sherbrooke Subdivision, handles about 22,000 carloads of freight traffic and 12,000 intermodal units annually, and serves major shippers in the chemical and pulp and paper industries. "Selling the Sherbrooke Subdivision to Emons Transportation Group is an ideal way for CN to preserve and improve rail service for shippers in the Eastern Townships area. The new short line will also strengthen CN's key rail link to New England for its carload carload In commodities trading, a railroad car or truckload of grain that ranges from 1,400 to 2,500 bushels. and intermodal business," said Francois Hebert, assistant vice-president, business planning and network restructuring. Emons Transportation Group, a short line operator based in York, Penn., already operates the 276 kilometre(165 mile) continuation of the Sherbrooke Subdivision, between Island Pond, Vt. and Portland, Me. Emons Transportation Group acquired this property from CN in 1989 and renamed it the St. Lawrence and Atlantic Railroad The St. Lawrence and Atlantic Railroad (AAR reporting marks SLQ, SLR), known as St-Laurent & Atlantique Quebec in Canada, is a short line railroad operating between Portland, Maine on the Atlantic Ocean and Montreal, Quebec on the St. Lawrence River. Co. (SLR (1) (Scalable Linear Recording) A line of magnetic tape drives from Tandberg Data that evolved from the QIC Data Cartridge format. See QIC. (2) (Single Lens Reflex) A camera that uses the same lens for viewing and shooting. ). "Emons Transportation Group and the SLR are successful at providing customers with low-cost, competitive rail service. We expect they will extend this success story to the Sherbrooke Subdivision," added Hebert. The sale of the Sherbrooke Subdivision will affect 17 CN employees, who have a number of options available to them under their collective agreements. 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 serves all of Canada and the U.S. Midwest, including the ports of Vancouver, Montreal and Halifax, and the key cities of Toronto, Chicago, Detroit and Buffalo, with connections to all points in North America.
CONTACT: Canadian National Railway Company
Louise Filion, 514/399-5416
http://www.cn.ca
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