Sen. Bruno commits $3 million in New York State funding to bring rail yard
operations back to Saratoga County
MECHANICVILLE, N.Y., July 8 /PRNewswire-FirstCall/ -- State Senator Joe
Bruno (R-Brunswick) today announced that a new intermodal and automotive
rail logistics center will be constructed at the former rail yard located
within the towns of Halfmoon, Mechanicville, and Stillwater. This new rail
terminal will anchor the western end of Pan Am Southern's Patriot Corridor,
which will be a high-speed freight rail route between the Capitol Region
and the Boston area once track and signal improvements are complete.
Construction of the $40 million facility is expected to begin in the first
quarter 2009 and be complete by April 2010.
"As soaring energy costs have forced businesses to re-think how to
transport consumer goods, the rail industry has once again become an
increasingly viable and affordable option," Senator Bruno said. "Today's
announcement by Norfolk Southern and Pan Am Railways to invest in
constructing a new facility in Southern Saratoga County is great news for
the local economies in Mechanicville, Halfmoon and Stillwater."
"Transportation by rail is still the most economically efficient way to
move freight, and even more so today with ever rising fuel prices. This is
a great announcement for the Capitol Region and for all of New York State,"
said Governor David A. Paterson. "I want to thank Norfolk Southern and Pan
Am Railways for choosing to locate here and I applaud Senator Bruno's
efforts to get them to come. This is exactly the sort of smart investment
in our transportation infrastructure that we need to make during these
tough economic times, and one that will spur further economic development."
"On behalf of the Pan Am Southern joint venture, I would like to thank
Senator Bruno for his leadership and commitment to bring rail yard
operations back to Saratoga County," said Wick Moorman, Norfolk Southern's
chief executive officer. "With the demand for moving freight throughout the
U.S. and New York's Capitol Region at unprecedented levels, this rail
facility will serve as the premier distribution point for consumer products
and finished automobiles for upstate New York and western New England."
"Pan Am Railways is pleased to partner with the State of New York,
Saratoga County, and the towns of Mechanicville, Halfmoon, and Stillwater
on this important regional transportation project," said David Fink, Pan Am
Railways' president. "This new terminal will add much-needed freight
capacity to the Capitol Region, and is critical to the success of our Pan
Am Southern joint venture."
In May, Pan Am Railways and Norfolk Southern announced plans to create
a joint venture, called Pan Am Southern. The key component of Pan Am
Southern is the Patriot Corridor, the 155-mile main line track that runs
between Mechanicville and Ayer, Mass. Pan Am Southern also includes 281
miles of secondary and branch lines, including trackage rights, in
Connecticut, Massachusetts, New Hampshire, New York, and Vermont. The new
Saratoga County rail logistics center will serve as the primary
distribution hub for the Patriot Corridor.
The Pan Am Southern joint venture is subject to the approval of the
U.S. Surface Transportation Board, which is expected to issue a decision on
the transaction in October 2008.
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,
serving every major container port in the eastern United States and
providing superior connections to western rail carriers. Norfolk Southern
operates the most extensive intermodal network in the East and is North
America's largest rail carrier of metals and automotive products.
Pan Am Railways is the Northeast's largest regional railroad. It
operates over 2,000 route miles in Maine, New Hampshire, Massachusetts,
Vermont, Connecticut, New York and Atlantic Canada. Pan Am Railways
interchanges traffic with fifteen railroads throughout its network.
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 Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties (noted in Norfolk
Southern's filings with the SEC) which could cause actual results to
differ.
SOURCE Norfolk Southern Corporation
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Related links:
http://www.nscorp.com
http://www.prnewswire.com/comp/626525.html/
CONTACT:
Kris Thompson for Sen. Bruno,
+1-518-455-2381, kthompso@senate.state.ny.us; Rudy Husband of
Norfolk Southern, +1-610-567-3377, rudy.husband@nscorp.com;
Cynthia Scarano of Pan Am Railways, +1-978-663-1028, or cell,
+1-978-423-2231, cscarano@panamrailways.com
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