NORFOLK, Va., June 1 /PRNewswire-FirstCall/ -- On the 10th anniversary of Norfolk Southern Corporation's acquisition of nearly 60 percent of Conrail, CEO Wick Moorman today thanked customers, suppliers, stockholders, communities, and employees for their hard work and support.
"On Day One -- June 1, 1999 -- we set out to build the best freight transportation system in the world," Moorman said. "We have made steady progress toward that goal, and together we have enjoyed a decade of growth and financial success. All of us at Norfolk Southern are grateful to everyone who has played a part in this success, and we look forward to what the next decade brings."
Since Day One, when Norfolk Southern added 7,200 miles of Conrail routes and 10,000 former Conrail employees to its system, the railroad has moved 3.5 trillion gross ton-miles of freight. A single train of every carload NS hauled in the last decade could stretch to the moon and back twice -- and then some.
In order to meet increased demand and better serve customers, NS over that period has invested nearly $10 billion in capital expenditures to improve track, equipment, facilities, and technology. In new rail alone, NS installed the equivalent of a brand new transcontinental railroad.
NS' industrial development activities since Day One resulted in the location or expansion of 1,115 industries along the railroad's lines, representing customer investments of $23.6 billion and creating nearly 55,000 customer jobs in the territory served by the railroad.
The Conrail transaction returned competitive rail service to the Northeast for the first time in 20 years. NS sharpened its focus on customer service markedly following the transaction -- especially through its Thoroughbred Operating Plan -- and today is the industry's service benchmark.
Most important, it all has been done safely. NS employees have earned the E.H. Harriman Memorial Gold Medal as the safest railroad workers in the U.S. for each of the last 20 years.
"The numbers tell an impressive story, but as satisfying as it is to see how far we've come, it's more exciting to look ahead," Moorman said. "Our progress has given us the strength to weather the current economic storm. This recession will pass, and the long-term future for rail as the safe, clean, and fuel-efficient transportation alternative has never been brighter. NS is ready to take advantage of the opportunities that a recovering economy will bring. Ten years from now, along with our partners, we will look back again with amazement at how far we've come together."
Norfolk Southern Corporation is a leading North American transportation provider. Its Norfolk Southern Railway subsidiary operates approximately 21,000 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 and industrial products.
Norfolk Southern Corporation
CONTACT: Media, Frank Brown, +1-757-629-2710, fsbrown@nscorp.com, or
Investors, Leanne Marilley, +1-757-629-2861, leanne.marilley@nscorp.com, both
of Norfolk Southern Corporation
Web Site: http://www.nscorp.com/
