CN proud to celebrate 25th anniversary of its privatization
(Source: CN press release, November 17, 2020)
MONTREAL — Exactly 25 years ago today, the Government of Canada put 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.
Wednesday, November 18, 2020
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