NORFOLK (dpa-AFX) - Union Pacific (UNP) and Norfolk Southern (NSC) submitted an amended merger application to the Surface Transportation Board seeking approval to create America's first transcontinental railroad. The deeper analysis confirmed the merger will make rail significantly more competitive with long-haul trucking, taking approximately 2.1 million trucks off the road. Shifting freight from higher-cost trucks to low-cost rail will save shippers an estimated $3.5 billion annually.
Also, the amended application confirms the merger will preserve customer access to competitive railroad alternatives. The amended application increases the anticipated number of new premium intermodal lanes operating seven days a week from six to seven, with a new lane connecting Northern California and the Southeast.
The amended application estimates the combined company will need 1,200 net new union jobs by the third year of the merger to handle new business, up from 900 in the original application.
Union Pacific CEO Jim Vena said: 'We are confident our updated application meets their guidance.'
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