Tuesday, June 9, 2009

Spending on tracks to continue during downturn, states CSX CEO

CSX CEO speaks optimistically at local business lunch
Shipping News Feature

USA - Michael Ward, CEO of CSX, a Fortune 500 company and international transportation company based in Jacksonville, Florida, stated at a business lunch at the Hyatt Regency in Jacksonville that planned investment in tracks and terminals this year will match last years investment.

In line with the drop in freight shipments, CSX has sidelined some of its trains and furloughed 2,800 of its 34,000 employees to reduce costs, but the Fortune 500 Company is not planning to change its long term strategic goals.

Ward went on to forecast an optimistic 90 percent growth in the industry over the next 15 years, mainly due to congested roads, and also stated that the current economic challenges will only make the business community stronger.

CSX employs about 3,400 in the Jacksonville area with a $300 million payroll. CSX owns 21,000 miles of track in 23 states, and operates 1,200 trains daily.