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$11 million investment in Philadelphia

US.WEBTRAINS.NET
12/07/2009 AT 06:21

The expansion is part of Norfolk Southern's multi-state Crescent Corridor initiative to establish a high-speed intermodal freight rail route between the Gulf Coast and the Northeast. The proposed investment - $6 million from Norfolk Southern and $5 million from Pennsylvania - will create the capacity to handle more than 72,000 containers and trailers annually. Construction is scheduled to begin in mid-2010.

"Because of its strategic location to Southeastern Pennsylvania, South Jersey, and Delaware, expansion of the Philadelphia Navy Yard intermodal facility is critical to the success of our Crescent Corridor," said Wick Moorman, Norfolk Southern's chief executive officer. "We commend Gov. Ed Rendell for his efforts to provide state funding for our intermodal terminal initiatives in the commonwealth. We want to thank Sens. Robert Casey and Arlen Specter for their support of a public-private partnership with the U.S. Dept. of Transportation so that Pennsylvania will benefit from the economic development opportunities and job growth potential of integrated logistics hubs. We also want to express our gratitude to the members of the Pennsylvania congressional delegation who support the Crescent Corridor, including Reps. Bob Brady, Charlie Dent, Chakah Fattah, Jim Gerlach, Tim Holden, Patrick Murphy, Todd Platts, Allyson Schwartz, and Bill Shuster. Finally, we express our appreciation to Mayor Michael Nutter and the region's economic development agencies and authorities for their efforts to improve freight transportation infrastructure in Philadelphia and the Delaware Valley."

"Rail freight is an important component of any transportation infrastructure discussion," Governor Edward G. Rendell said. "The Philadelphia Navy Yard intermodal facility will serve Pennsylvania, New Jersey, and Delaware, creating good jobs, generating revenue locally, and helping reduce highway congestion. Pennsylvania has invested heavily in rail freight because it is a smart, environmentally friendly, cost-effective infrastructure investment. I will continue to advocate for rail freight investments at the state and national level."

"Philadelphia has been a rail transportation hub for the Mid-Atlantic region for more than 100 years," said Mayor Michael Nutter. "With this $11 million investment, Norfolk Southern's intermodal terminal at the Navy Yard will benefit shippers and consumers in the city and lead to further economic development opportunities in the Philadelphia area."

Norfolk Southern's Crescent Corridor initiative is a multistate network of infrastructure improvements and facilities intended to enhance Norfolk Southern's 2,500-mile rail network that supports the supply chain from the Gulf Coast and Memphis to Harrisburg, Philadelphia, and the New York metropolitan area and enable it to handle more freight traffic faster and more reliably. The railroad is in the process of implementing corridor projects, including straightening curves, adding passing tracks, improving signal systems, and building new terminals.

Altogether, nearly $2.5 billion in Crescent Corridor projects have been identified, and based on the public benefits of relief from highway congestion, NS plans to implement the Crescent Corridor initiative through a series of public-private partnerships. At completion, the Crescent Corridor is projected to divert more than 1 million truckloads of freight from the highways to the rails annually, saving the U.S. more than 170 million gallons of fuel per year.

When the Crescent Corridor is fully operational, annual benefits to Pennsylvania are expected to include nearly 700,000 long-haul trucks diverted to rail, almost 10 million gallons of fuel saved, carbon dioxide reduction of 110,000 tons, more than $44 million in traffic congestion savings, and avoidance of an estimated $8.5 million in accident costs. Over the next 10 years 26,000 jobs in Pennsylvania are expected to be created or enhanced by the Crescent Corridor. Norfolk Southern is constructing a new $95 million intermodal facility in Franklin County, Pa., and has $52 million in improvements planned for its existing Harrisburg intermodal terminal, along with $27 million in track and signal upgrades in Berks, Chester, Cumberland, Dauphin, Franklin, Lebanon, Lehigh, Montgomery, and Northampton counties.

Rail intermodal traffic uses one-third of the fuel required by long-haul trucks and greatly reduces highway congestion, greenhouse gas emissions, and highway maintenance costs. The Crescent Corridor will help the environment and reduce a large burden on state budgets.

Norfolk Southern Corporation (NYSE: NSC) is one of the nation's premier transportation companies. 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.

Any statements contained in this news release which are not related to historical facts are forward-looking statements as that term is defined in the Private Securities Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (noted in the corporation's filings with the SEC) which could cause actual results to differ materially.

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