CP Rail to increase 2013 capital spending by up to C$100 million

Tue May 7, 2013 5:11pm EDT
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TORONTO May 7 (Reuters) - Canadian Pacific Railway Ltd said on Tuesday it will invest an additional C$75 million to C$100 million to bring total capital spending this year to C$1.2 billion, moving forward some of its 2014 spending projects to this year.

CP Rail said the capital spending, which will be funded by higher than expected 2013 cash-flow projection, will focus primarily on track upgrades, upgrades to signal systems to meet shipping growth needs and acquiring certain core assets that would normally be leased.

Canada's No. 2 rail carrier said last month the company was on pace for its best year-end financial and operating performance and was conducting an intense review of every part of operations.