Company advances initiative to operate network more effectively and efficiently
JACKSONVILLE, Fla., June 06, 2018 (GLOBE NEWSWIRE) -- CSX Corporation (NASDAQ:CSX) today announced it is soliciting bids on six additional rail segments as part of a broader initiative to drive asset utilization, enhance network efficiency and create long-term value for the company. The decision to market these non-core properties, totaling approximately 650 miles, follows a detailed evaluation of each line and its potential to be operated more effectively by a highly qualified, third party.
CSX is soliciting bids for the following non-contiguous properties:
- Massena Line: Line extending north from Syracuse, NY to Canada
- Baldwinsville Subdivision: Branch line west of Syracuse, NY
- West Albany and Rensselaer, NY: Collection of properties near Albany, NY
- Cumberland Valley: Feeder lines extending east of Corbin, KY
- Eastern North Carolina: Branch lines terminating in Grangers and Plymouth, NC
- Marietta Subdivision: Branch line extending north out of Parkersburg, WV
The company is committed to ensuring that local operators create continuity of service for customers as it seeks buyers with an interest in cultivating and growing traffic on these lines. Providing excellent service remains a priority for CSX, and no short-term impacts on customers are expected as a result of this effort.
"CSX is reviewing every aspect of the company's network to be sure that each asset is maximized for efficiency and adds value to our company's long-term business needs," said James M. Foote, president and chief executive officer. "We believe these efforts will identify a robust pipeline of opportunities that will deliver material value to CSX over the next several years."
This initiative will allow CSX to focus on improving the operational performance of its core network, enhancing asset utilization, reducing transit times and creating a more reliable service product. These lines may be purchased by one buyer, multiple buyers or may not be sold at all, depending on the bids received.
Prospective bidders may visit www.csx.com/lines to express their interest.
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For over 190 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 230 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike.
More information about CSX Corporation and its subsidiaries is available at www.csx.com and on Facebook (http://www.facebook.com/OfficialCSX).
Bryan Tucker, Corporate Communications
Source: CSX Corporation