(WVVA) Norfolk Southern has announced its plan to reduce the number of workers and locomotives over the next two years in an effort to reduce costs and improve efficiency.
Details were released during an investor conference held by the company on Monday. The plan calls for the elimination of 500 jobs by the end of the year and a total of 3,000 jobs by the close of 2021. The company would also reduce the number of locomotives in operation by 500.
“Our strategic plan capitalizes on the strength of our exceptional franchise to lower costs, operate more efficiently, and deliver stronger margins,” said Chairman, President and CEO James A. Squires.
Norfolk Southern is relocating its headquarters from coastal Virginia to Atlanta, Georgia. The move will take about two years to complete.
“As we implement precision scheduled railroading, our initiatives are focused on five key principles: serving our customers, managing our assets, controlling our costs, working safely, and developing our people,” said Squires. “The success of our customers, our employees, and our company will ensure the success of our shareholders.”
Link to additional information: http://www.nscorp.com/content/nscorp/en/news/norfolk-southern-announces-strategic-plan-targeting-a-60-percent.html