CP will spend up to $1.05 billion on capital projects

CALGARY: CP plans to spend between $950 million and $1.05 billion this year in capital projects, the company said.

The improving economy has allowed CP to focus on growth by investing in infrastructure and technology, said the company’s chief financial officer, Kathryn McQuade.

“With a strong demand projected in many of our commodity based businesses, this capital plan will enable us to meet our customers’ needs and continue to lower our operating ratio to create a stronger franchise for the future,” she said.

The railway said it plans to invest $680 million in basic track infrastructure renewal and another $200 million in volume growth, productivity initiatives and network enhancements.

Another $80 million is set aside for IT upgrades, while $40 million is earmarked for capital regulated by governments, mainly train control.