NORFOLK, Va. — Norfolk Southern Corporation plans to spend $798 million for capital improvements in 2003.
“We are continuing our solid commitment to safety and service during challenging economic times with spending levels designed to keep our system strong and our service steadily improving,” said David R. Goode, chairman, president and chief executive officer.
“At the same time, we are improving the utilization of the assets we already have, which will allow us to handle increased levels of business in the future,” he added.
The anticipated spending includes $499 million for roadway projects and $246 million for equipment.
In roadway improvements, the largest expenditure will be $383 million for rail, crosstie, ballast and bridge programs. In addition, there is $29 million provided for communications, signal and electrical projects and $20 million for environmental projects and public improvements such as grade crossing separations and crossing signal upgrades.
Other roadway projects include $36 million for marketing and industrial development initiatives, including increasing track capacity and access to coal receivers and vehicle production and distribution facilities, and continuing investments in intermodal infrastructure.
Equipment spending includes $183 million to purchase 100 six-axle locomotives, upgrade existing locomotives and certify and rebuild multi-level automobile racks. Equipment spending also includes $47 million for projects related to computers and information technology, including allocations for additional security and backup systems.