Rail News Home Union Pacific Railroad 4/19/2021 Rail News: Union Pacific Railroad
Union Pacific Railroad last week notified employees that it will close a rail-car maintenance facility in Palestine, Texas, with 57 positions to be eliminated in mid-June."This workforce reduction is the result of operational changes across our system and is part of Union Pacific’s continuous effort to provide competitive rail service to our customers," UP officials said in an emailed statement.While the Class I is closing its main car repair facility in Palestine, limited car repair activities will continue in the Palestine area, they said."We did not take this step lightly but we are determined to do the right thing for the thousands of customers, employees and communities who rely on us to help build sustainable economic growth across the western two-thirds of the United States," UP officials said. "We appreciate the support we have received over the years in the communities of Palestine and Anderson County, as well as the hard work and dedication of our employees. We are working with those impacted to help them with job placement activities."
Railroad News
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Apr
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CN today announced that it has made what it characterizes as a superior proposal to combine with Kansas City Southern in a cash-and-stock transaction valued at $33.7 billion, or $325 per share.
"Together, CN and KCS will create the premier railway for the 21st century, seamlessly connecting ports and rails in the United States, Mexico and Canada and providing superior service, enhanced competition and new market access to move goods across North America efficiently and safely," according to a CN press release issued this morning.
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Kansas City Southern last week reported first-quarter 2021 revenue of $706 million, down 4% from the same period a year ago.
Overall, carload volumes were down 1% compared with volumes in Q1 2020, KCS officials said in a press release.