The Thoroughbred that got away
Cover story from the May 2016 issue of Railway Age: Norfolk Southern has been looking over its shoulder for almost a year. Now, it can focus its attention ahead.
Cover story from the May 2016 issue of Railway Age: Norfolk Southern has been looking over its shoulder for almost a year. Now, it can focus its attention ahead.
Norfolk Southern Corp. on April 20, 2016 announced that it will downsize its Knoxville, Tenn., classification yard, effective May 1. “The action is in response to lower traffic volumes and is consistent with the company’s ongoing implementation of its strategic plan to enhance operating efficiencies, reduce costs, drive profitability and support long-term growth,” NS said.
The Association of American Railroads on April 12, 2016 presented Michael Hoey, a CSX Transportation civil engineer from Philadelphia, Pa., the 2016 John H. Chafee Environmental Excellence Award. U.S. Senator Cory Gardner (R-Colo.) was the 2016 John H. Chafee Congressional Environmental Award.
Well, it’s all over but the ruminating and regurgitating: Hedge fund king Bill Ackman had his blinders ripped off, read the handwriting on the wall, and wisely deep-sixed his attempt to bolster his sagging pockets by going after Norfolk Southern, a damn good railroad that doesn’t need a radical makeover.
On Monday, April 11, 2016, Canadian Pacific Railway Ltd. terminated its efforts to merge with Norfolk Southern Corp.. This includes “withdrawal of a resolution asking NS shareholders to vote in favor of good-faith negotiations between the two companies,” CP sais. “No further financial offers or overtures to meet with the NS board of directors are planned at this time.”
The Surface Transportation Board, in seeking comments addressing Canadian Pacific’s petition for an expedited declaratory order, has received letters from the U.S. Department of Justice and the Department of Defense-United States Army, Military Surface Deployment and Distribution Command Transportation Engineering Agency, Railroads for National Defense Program opposing CP’s proposed acquisition of Norfolk Southern, and/or CP CEO Hunter Harrison becoming a senior executive at NS.
State-of-the-art locomotives stand ready to make their mark on what is ideally a power-hungry industry. Problem is, with traffic down, the railroads aren’t so hungry for new power.
Chairman of the U.S. House Transportation and Infrastructure Committee Bill Shuster (R-Pa.) on April 5, 2016 announced his opposition to Canadian Pacific Railway’s proposed merger with Norfolk Southern.
Norfolk Southern on April 5, 2016 awarded 60 chemical customers its 2015 Thoroughbred Chemical Safety Award for safely transporting on its rail lines 224,660 carloads of chemical product that the federal government
Norfolk Southern Corporation on March 31, 2016 posted its 2015 Annual Report online, highlighting early accomplishments of a recently announced five-year strategic plan to drive growth, streamline operations, improve network performance and deliver enhanced shareholder value.