Norfolk Southern Corporation
Norfolk Southern Corporation
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legal form | Corporation |
ISIN | US6558441084 |
founding | 1980 |
Seat | Norfolk , Virginia , |
management | James A. Squires ( CEO ) |
Number of employees | 30,456 |
sales | 10,511,000,000 US dollars |
Branch | Railway company |
Website | www.nscorp.com |
As of December 31, 2015 |
The Norfolk Southern Corporation is an American holding company in the field of rail transport. The company is based in Norfolk, Virginia .
history
In the late 1970s, rail transport began to consolidate in the eastern United States. The state Conrail had been formed from Penn Central and other bankrupt railway companies . On the other hand, the Chessie System merged with Seaboard Coast Line Industries . The two remaining large railway companies Norfolk and Western Railway and Southern Railway therefore also began to consider a merger. On July 23, 1980, the Norfolk Southern Corporation was founded. With effect from June 1, 1982, the company took over the majority of the railway companies Norfolk and Western Railway and Southern Railway through a share swap . The N&W shareholders received one NSC share for each N&W share and the SR shareholders 1.9 NSC shares for each share. The Southern Railway preference shares were not exchanged.
With effect from December 31, 1990, the Norfolk and Western was a subsidiary of the Southern Railway and it was renamed Norfolk Southern Railway . Upon completion of this transaction, all of the common stock and 7.1% of the preferred stock of Norfolk Southern Railway will be owned by Norfolk Southern Corporation. This gives it a majority of votes of 94.3%.
On June 21, 1985, Norfolk Southern acquired a majority stake in the road haulage company North American Van Lines Inc. (NAVL) from PepsiCo for $ 369 million . The aim was to build an integrated transport company that could offer comprehensive transport solutions. For this purpose, the subsidiary Triple Crown Services Company was founded in 1986. This company specialized in the rail transport of trucks and trailers. North American Van Lines did not prove to be as profitable as expected, so parts of the company were sold in 1993 and the whole company was sold again in 1998.
1997/1998 the split of Conrail between Norfolk Southern and the CSX Corporation . Since then, these two railway companies have dominated the market in rail traffic east of the Mississippi.
In 1999, the subsidiary Thoroughbred Technology and Telecommunications Inc. was founded. Telecommunications services are offered under the brand name T-Cubed. For this, the company uses its own fiber optic networks that were laid along the railway lines.
Corporate structure
At the time the Norfolk Southern Corporation was formed, both rail companies had an extensive number of subsidiaries. Most of them were railroad companies which for various reasons were not merged with the parent company. Even today, the company has a large number of railway companies that still exist on paper and are included in the consolidated financial statements, but no longer have an independent external effect.
Corporate management
President and Chief Executive Officer
- 1982-1987: Robert B. Claytor
- 1987-1992: Arnold B. McKinnon
- 1992–2005: David R. Goode (President from 1991)
- November 1, 2005 - June 1, 2015: Charles W. Moorman (2004 President)
- since June 1, 2015: James A. Squires (President since 2013)
Chairman of the Board
- 1982-1987: Robert B. Claytor
- 1987-1992: Arnold B. McKinnon
- 1992-2006: David R. Goode
- February 1, 2006–1. October 2015: Charles W. Moorman
- since October 1, 2015: James A. Squires
Web links
- Company website
- Company portrait at fundinguniverse.com
- Interstate Commerce Commission decision of March 19, 1982 to merge the companies
- Railroad conglomerates & other corporate structures: a report to Congress as directed by section 903 of the Railroad revitalization and regulatory reform ... pp. D-26, D-28 , accessed on April 19, 2018 .