Norfolk S. completes deal to expand in Northeast
NORFOLK, Va. - Norfolk Southern says it's completed a deal that gives it a 50 percent stake in a rail line between Albany, N.Y., and suburban Boston.
A regulatory filing says a Norfolk Southern subsidiary is contributing $140 million in cash and property to Pan Am Southern LLC. In turn, the document filed yesterday says Pan Am Railways Inc. is contributing a 155-mile main line and 281 miles of secondary and branch lines in New York, Connecticut, Massachusetts, New Hampshire, and Vermont.
The venture is expected to improve track quality and boost train speed and reliability.
Norfolk Southern operates approximately 21,000 miles of track in Maryland, Virginia, West Virginia, the District of Columbia, and 19 other states. The picture that appears with this post was taken from Norfolk Southern's website. (AP)