CSX to invest $2 billion to strengthen its rail network

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CSX to invest $2 billion to strengthen its rail network

January 26, 2011 - 05:01
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JACKSONVILLE, FL, Jan. 25, 2011 (PRNewswire) -CSX Corporation will invest $2 billion to increase the quality, flexibility and capacity of its rail network, the company announced as part of its quarterly and full-year earnings report today. That's on top of the $1.8 billion the company invested in 2010, a year in which operating income was $3.1 billion.

"CSX believes in the ability of the U.S. economy to continue growing and is committed to supporting its customers as that occurs," said Michael J. Ward, CSX chairman, president and chief executive officer. "This is an important time for CSX and other companies to take stock in what we need to do together to drive growth and increase U.S. competitiveness in the global marketplace while creating jobs."

The company also said today that it will increase employment by one to two percent in 2011 as business levels continue to return in an improving economy. CSX currently employs 30,000 people who earn highly competitive wages and benefits.

CSX Corporation, based in Jacksonville, Fla., is a leading transportation company providing rail, intermodal and rail-to-truck transload services. The company's transportation network spans approximately 21,000 miles with service to 23 eastern states and the District of Columbia, and connects to more than 70 ocean, river and lake ports.