NORFOLK, Va., Jan. 28, 2013 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) plans to spend $2 billion in 2013 for capital improvements to its rail transportation network.
"Our capital plan will maintain the safety and quality of our existing franchise, improve service quality and performance, achieve operational efficiencies and productivity improvements, and support business growth," said Norfolk Southern CEO Wick Moorman. "We continue to invest in the infrastructure, equipment, and technology necessary to provide the best possible service to our customers."
The largest expenditure will be $831 million for roadway improvements, including the maintenance and replacement of rail, crossties, ballast, and bridges to ensure the continued safe and reliable operation of the railroad.
Equipment spending includes $420 million to acquire new locomotives and rebuild and upgrade existing units; re-body coal cars; buy multilevel freight cars to handle increased automotive traffic; and purchase intermodal containers and chassis.NS has budgeted $229 million, about 11 percent of the 2013 budget, for the continued implementation of positive train control. Investments in facilities and terminals are anticipated to be $203 million and include the continuation of a multi-year project to expand Bellevue rail yard in Northern Ohio; construction of a new intermodal terminal in Charlotte, N.C., as part of Norfolk Southern's Crescent Corridor initiative; completion of a new locomotive service facility in Conway, Pa.; and new and expanded bulk transfer facilities. Norfolk Southern also expects to spend $84 million in infrastructure improvements to increase main line capacity, accommodate traffic growth, and provide NS' match for innovative public-private partnership investments such as CREATE in Chicago and the Crescent Corridor, which will improve the nation's transportation infrastructure, reduce fuel consumption and air pollution, and relieve highway congestion by moving freight off highways onto rail. Technology investments of $57 million are planned for new and upgraded systems and computers to enhance safety and improve operating efficiency and equipment utilization. Norfolk Southern Corporation is one of the nation's premier transportation companies. Its Norfolk Southern Railway Company subsidiary operates approximately 20,000 route miles in 22 states and the District of Columbia, serves every major container port in the eastern United States, and provides efficient connections to other rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and is a major transporter of coal, automotive, and industrial products. Connect with NS http://www.nscorp.com http://www.facebook.com/NorfolkSouthern http://www.flickr.com/photos/norfolksouthern http://www.twitter.com/nscorp http://www.youtube.com/user/norfolksoutherncorp SOURCE Norfolk Southern Corporation
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV