(The Union Pacific Corporation issued the following on February 1.)
OMAHA, Neb. — Union Pacific Corporation (NYSE:UNP) announced that its Board of Directors approved plans to invest a total of $3.1 billion for capital projects during 2008.
The Company’s capital programs are designed to enhance safety, improve customer service, increase operating productivity and add network capacity to handle our customers’ growth. Major investment categories include:
* $1.6 billion to maintain and strengthen the track infrastructure,
* $840 million to increase network and terminal capacity,
* $490 million to upgrade our locomotive and freight car fleet, including the acquisition of 175 high-horsepower locomotives and new covered hoppers, and
* $170 million primarily to upgrade information technology systems, including the testing of positive train control, and other capital projects.
Union Pacific Corporation owns one of America’s leading transportation companies. Its principal operating company, Union Pacific Railroad, is one of the largest railroads in North America, covering 23 states across the western two-thirds of the United States. A strong focus on quality and a strategically advantageous route structure enable the company to serve customers in critical and fast growing markets. It is a leading carrier of low-sulfur coal used in electrical power generation and has broad coverage of the large chemical-producing areas along the Gulf Coast. With competitive long-haul routes between all major West Coast ports and eastern gateways, and as the only railroad to serve all six major gateways to Mexico, Union Pacific has the premier rail franchise in North America.