NORFOLK, Va. — Railway operator Norfolk Southern Corp. said on Thursday that it plans to spend $705 million on capital improvements next year, reports a wire service.
The projected spending includes $482 million for roadway projects and $174 million for equipment, said the company.
“We have completed many of our major investments in line capacity, rail terminals and information systems in 2001, and that has enabled us to increase resources devoted to rail infrastructure,” said Chief Executive David Goode in a statement.
Norfolk Southern shares slipped 10 cents, or half a percent, to $18.06 on the New York Stock Exchange. They have gained about 36 percent so far this year, compared to a 15 percent drop in the Standard & Poor’s 500 Index.