CSX to spend $160M on N.E. infrastructure Posted 05.19.2011
The Jacksonville Business Journal (FL)
By Mark Szakonyi
CSX Corp. announced Wednesday that it plans to spend $160 million over the next several years to complete a project that will better connect the mid-Atlantic ports and the Midwest.
The Jacksonville-based railway said in a news release that the majority of the money will be spent to expand and improve the century-old Virginia Avenue Tunnel in Washington, D.C., and create double-stack train clearances in Maryland, West Virginia and the District of Columbia. CSX’s public-private partnership to improve its rail system, known as the National Gateway, is expected to cost about $850 million, with more than $280 million coming from state pockets and the federal government.
“With today’s new $160 million commitment, CSX will have obligated a total of about $575 million over several years to better meet the needs of our customers, our states and our ports,” CSX CEO, President and Chairman Michael Ward said in the release.
At its investor and financial analyst conference in Detroit the same day, CSX said it expected to reinvest an average of 18 percent of its revenues back into its business through 2015. The company said it invested $8.3 billion between 2006 and 2010.
“CSX is ideally positioned to meet the growing transportation demand in this country,” Ward said. “Expansion in the U.S. economy, global trade and CSX’s substantial investments in its infrastructure mean more things will move on our highly efficient freight rail network.”
CSX invests another $160 million into National Gateway project Logistics Management Posted 05.19.2011
By Jeff Berman
Class I railroad carrier CSX announced this week that it will make a $160 million investment over the next several years to help complete an ambitious railroad infrastructure project, the National Gateway.
The National Gateway is a roughly $850 million public-private partnership (PPP) infrastructure initiative designed to provide a highly efficient freight transportation link between the Mid-Atlantic ports and the Midwest. It was first unveiled by CSX in May 2008.
“Through the ...
CSX Commits Funding to National Gateway, Virginia Avenue Tunnel Expansion Project Posted 05.19.2011
The Hill is Home (Online)
By Kyra Deblaker-Gebhard
CSX announced on Wednesday that the company now has the funds and the federal partner needed to begin the Virginia Avenue tunnel expansion project. CSX will contribute $160 million over the next several years to complete the National Gateway project, with the majority of the investment being used to expand the 107-year-old Virginia Avenue tunnel in Southeast. The company also announced its federal partner in the project ...