United States

Norfolk Southern Corp (NSC)

NSC on New York Consolidated

25 Jul 2016
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Latest Key Developments (Source: Significant Developments)

Norfolk Southern restructuring its Pocahontas Land, Development units
Monday, 6 Jun 2016 09:36am EDT 

Norfolk Southern Corp : Is restructuring its Pocahontas Land Corporation and Pocahontas Development Corporation subsidiaries, effective immediately . Restructuring will result in elimination of 18 of 29 employee positions at two subsidiaries .Restructuring as part of its overall drive to increase efficiency and adapting to coal market conditions.  Full Article

Norfolk Southern files for potential senior notes offering
Tuesday, 31 May 2016 09:24am EDT 

Norfolk Southern Corp : Files for potential senior notes offering; size not disclosed - SEC filing .Senior notes will be issued only in registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  Full Article

Norfolk southern Entered into an agreement establishing a 5-year, $750 million, unsecured revolving credit facility
Friday, 27 May 2016 02:48pm EDT 

Norfolk Southern Corp : Entered into an agreement establishing a 5-year, $750 million, unsecured revolving credit facility .Agreement replaces registrant's existing $750 million credit facility under an agreement dated as of december 14, 2011 - sec filing.  Full Article

Norfolk Southern says targeting average 5 pct railroad employee reduction for year
Tuesday, 17 May 2016 11:33am EDT 

Norfolk Southern Corp : Says targeting average 5 percent railroad employee reduction for the year . Weather impact on coal will continue across industry through Q4 2016 .In 2016, low commodity prices will continue to limit crude oil, frac sand, steel, and utility and export coal volumes.  Full Article

Norfolk Southern Corp declares quarterly dividend
Tuesday, 19 Apr 2016 11:46am EDT 

Norfolk Southern Corp:Says regular quarterly dividend of 59 cents per share on its common stock, payable on June 10 to stockholders of record date as on May 6.  Full Article

Norfolk Southern Corp - Potential NJ Transit strike complicates operations for freight railroads - WSJ - Reuters News
Tuesday, 8 Mar 2016 05:53pm EST 

Norfolk Southern Corp:A strike by NJ Transit workers could cause a headache for freight railroads that use its tracks, potentially causing some disruption to service for rail customers along those routes. - WSJ.Norfolk Southern Corp., CSX Corp. and their wholly-owned subsidiary Conrail could face minor to moderate interruptions if they can’t run on NJ Transit’s tracks during a work stoppage, people familiar with the matter said.The Morristown & Erie Railway, a small freight carrier that depends heavily on NJ Transit’s network, could face more significant interruptions.NJ Transit dispatchers who control signals and train movements on the railroad’s territory could effectively shut down those tracks if they didn’t show up for work.Employees could go on strike as soon as Sunday morning. NJ Transit is the nation’s third-busiest commuter railroad.Talks in NJ Transit’s labor dispute broke off Tuesday afternoon without a resolution, but were set to reconvene on Thursday.Both sides said they needed to consider each others’ counter-proposals and were generally upbeat as they left a hotel in Newark. They declined to elaborate on details of the negotiations.“We’re heading towards a resolution,” said Stephen Burkert, a spokesman for a coalition of unions representing more than 4,200 NJ Transit rail employees.Gary Dellaverson, an attorney who is NJ Transit’s lead negotiator, said both sides weren’t at an impasse after a second consecutive day of talks.  Full Article

Norfolk Southern declares quarterly dividend
Tuesday, 26 Jan 2016 01:33pm EST 

Norfolk Southern Corporation:Says regular quarterly dividend of 59 cents per share on its common stock.payable on March 10 to stockholders of record on Feb. 5.  Full Article

Norfolk Southern Corp combines divisions to streamline operations and support growth
Tuesday, 12 Jan 2016 04:16pm EST 

Norfolk Southern Corp:Says it is consolidating its Virginia and Pocahontas divisions to form the new Pocahontas Division, with headquarters in Roanoke, Va., effective Feb. 1.Says will continue to operate its rail yard in Bluefield.Consolidation will affect management and office staff positions now based in Bluefield.Affected employees will have an opportunity to relocate to Roanoke or apply for other positions at the company.With the consolidation, Norfolk Southern will operate 10 divisions across its network.  Full Article

Norfolk Southern announces additional actions to improve efficiency and reduce operating costs
Tuesday, 22 Dec 2015 04:16pm EST 

Norfolk Southern:It will consolidate operations of its coal docks located on Lake Erie in Northern Ohio.This change will streamline operations for customers while improving network efficiency and reducing operating costs for Norfolk Southern.NS plans to idle its Ashtabula, Ohio, Coal Pier and shift operations to the railroad's Sandusky, Ohio, Dock.Ashtabula will continue to operate until all coal inventories have been transloaded, which is expected to be completed by May 2016.The facility will remain idled until and if market conditions warrant reopening.Says a total of 21 positions will be affected as part of the transition.  Full Article

Canadian Pacific revises offer for Norfolk Southern
Tuesday, 8 Dec 2015 06:59am EST 

Canadian Pacific Railway Ltd:At the closing of the transaction, Norfolk Southern shareholders will receive $32.86 in cash and 0.451 shares of stock in a new company.Estimate total value of stock and cash consideration to nsc shareholders to be worth $125 to $140 per share.Says new company will own nsc and Canadian Pacific.Says revised transaction offers a 37% to 53% premium to today's closing price of $91.52.  Full Article

BRIEF-Norfolk Southern restructuring its Pocahontas Land, Development units

* Is restructuring its Pocahontas Land Corporation and Pocahontas Development Corporation subsidiaries, effective immediately