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Friday, May 24, 2024

Canadian Pacific fast tracks capital investment plans

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Canadian Pacific is to bring forward capital investment programmes originally planned for 2014 after recording a “higher than anticipated 2013 cash-flow projection”.

The company has said it will be investing an extra $75 to $100 million this year to complete projects including track upgrade work on the North Main Line between Winnipeg and Edmonton and signalling upgrades between Moose Jaw and Chicago.

Chief executive officer of Canadian Pacific E Hunter Harrison said in a statement: “As our railway continues to transform, we see opportunities to accelerate enhancements to key sections of our North American system.

“By taking these opportunities now to further improve our operations, we will be better positioned to respond to our customers’ shipping needs.”

In December, the North American rail operator announced plans to cut 4,500 jobs by 2016 as part of an efficiency programme that also included closing a number of sites.

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