Norfolk Southern Corporation

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Norfolk Southern Corporation
Public
Traded as NYSE: NSC
Dow Jones Transportation Average component
S&P 500 Component
Industry Rail transport
Founded 1980 (Incorporated);
1982 (Establishment)
Headquarters Norfolk, Virginia, USA, United States
Area served
 Eastern United States and Ontario
Key people
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  • James A. Squires
(CEO & President)
  • Charles W. Moorman
(Chairman)
Services Freight trains
Revenue
  • Increase US$ 11.245 billion (2013)[1]
  • Decrease US$ 11.04 billion (2012)[1]
  • Increase US$ 3.257 billion (2013)[1]
  • Decrease US$ 3.124 billion (2012)[1]
  • Increase US$ 1.91 billion (2013)[1]
  • Decrease US$ 1.749 billion (2012)[1]
Total assets
  • Increase US$ 32.483 billion (2013)[2]
  • Increase US$ 30.342 billion (2012)[1]
Total equity
  • Increase US$ 11.289 billion (2013)[2]
  • Decrease US$ 9.76 billion (2012)[1]
Number of employees
  • Increase 30,943
Parent None
Divisions None
Subsidiaries Norfolk Southern Railway (primary subsidiary)
Slogan One line, infinite possibilities.
Website www.nscorp.com

The Norfolk Southern Corporation (NYSE: NSC) (also known as Norfolk Southern Corp or NS Corp) is a publicly traded stock corporation on the New York Stock Exchange (NYSE) under the symbols NSC based in Norfolk, Virginia. The company was incorporated in 1980 and was officially established in 1982. The company is the second business entity to use the "Norfolk Southern" name. It is the holding company for the Norfolk Southern Railway, a major Class I railroad that was established in 1894 as the Southern Railway.

The primary business function of the Norfolk Southern Corporation is the rail transportation of raw materials, intermediate products, and finished goods across the Southeast, East, and Midwest United States. The corporation further facilitates transport to the remainder of the United States through interchange with other rail carriers while also serving overseas transport needs by serving several Atlantic and Gulf Coast ports. The company also is a major landowner and operates a marine terminal. The company's stock is a component of the S&P 500 and Dow Jones Transportation Average stock market indices. The company's President and Chief Executive Officer is James A. Squires.

As of October 1, 2014, Norfolk Southern Corporation's total public stock value was slightly over $34.5 billion.

History

The Norfolk Southern Corporation was incorporated on July 23, 1980 in the Commonwealth of Virginia and was officially established in 1982 to control the Southern Railway and the Norfolk and Western Railway. The holding company renamed the Southern Railway to "Norfolk Southern Railway" in 1990, making the railroad the third business entity to use the "Norfolk Southern" name. In the same year the holding company renamed the Southern Railway to "Norfolk Southern Railway" (1990), the holding company also transferred the Norfolk and Western Railway from themselves to the renamed Norfolk Southern Railway. This began the final seven years of existence for the Norfolk and Western.

In 1996, the Norfolk Southern Corporation entered into a duopoly with the CSX Corporation to takeover the formerly government-owned Conrail. The CSX Corporation bid to buy Conrail and have it be absorbed into its railroad CSX Transportation. The Norfolk Southern Corporation has been attempting to purchase Conrail ever since the holding company was created which was back in 1982. Fearing that CSX would come to dominate rail traffic in the eastern U.S., Norfolk Southern responded with a bid of its own to purchase Conrail. This started a takeover battle between Norfolk Southern and CSX.

In 1997 during the Conrail battle with CSX, Norfolk Southern Corporation's principal railroad, the renamed Norfolk Southern Railway, finally absorbed the Norfolk and Western Railway, ending the existence of the Norfolk and Western Railway.

On June 23, 1997, Norfolk Southern and CSX filed a joint application with the Surface Transportation Board (STB) for authority to purchase, divide, and operate the assets of Conrail. On June 6, 1998, the STB approved the NS-CSX application, effective August 22, 1998. The process though wasn't completed until 1999.

In 1999, the Conrail takeover between Norfolk Southern and CSX was complete, the result was Norfolk Southern acquired over half of Conrail which was 58% while CSX got the remaining 42%. Norfolk Southern gained about 7,200 miles (11,600 km) of track, most of which was part of the former Pennsylvania Railroad. Norfolk Southern began operating its trains on its portion of the former Conrail network on June 1, 1999, closing out the 1990s merger era.

Subsidiaries

Current Subsidiaries

Subsidiaries of Norfolk Southern Corporations (more than 50% owned and controlled)[3]

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2

Former Subsidiaries

Company officers

CEO and President positions represent both the holding company and railroad subsidiary. CEO's and Presidents of Norfolk Southern have included:

  • Robert B. Claytor, CEO: 1982–1987
  • Arnold B. McKinnon, CEO and President: 1987–1992
  • David R. Goode:
    • CEO: 1992–2005
    • President: 1991–2004
  • Charles "Wick" Moorman:
    • CEO: 2005–2015
    • President: 2004–2013
  • James A. Squires:[4]
    • CEO: June 2015–present
    • President: June 1, 2013–present

Television commercials

The television commercials represent both the holding company and railroad subsidiary. On September 3, 2007, NS launched new television ads featuring a family of gas cans cross country trekking to meet a NS train; it is a message on NS' role to reduced congestion on highways called "Lonely Gallon". It also features the song "You Don't Need Me" performed by Ravi Krishnaswami of New York and Steve Kolander of Atlanta. The song was created specially for NS. It was filmed in the Shenandoah Valley in Virginia.[5] In May 2013, NS rocked National Train Day by premiering a new ad series, using music adapted from ABC's "Conjunction Junction" School House Rock program.[6][7] The video shows an overhead view of Inman Rail Yard in Atlanta. NS's commercials can often be seen on channels such as CNN several times throughout the day.

Awards and recognition

Awards and recognition represent both the holding company and railroad subsidiary. From 1989 to 2012, NS won the Gold (first-place) E.H. Harriman Award in Group A (line-haul railroads whose employees worked 15 million employee-hours or more) every single year.[8] The award, which recognized the railroads with the lowest casualty rates per 200,000 employee-hours, was discontinued in 2012.[9]

In January 2011, NS Chairman and CEO Wick Moorman was named Railroader of the Year by Railway Age magazine.[10]

References

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External links

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ 2.0 2.1 Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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  7. ↑ Norfolk Southern to rock National Train Day Railroad rolls out trains, family fun, and a new twist on an old classic | Norfolk Southern – The Thoroughbred of Transportation | Creating green jobs shipping freight by rail. Nscorp.com (2013-05-09). Retrieved on 2013-07-23.
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ Vantuono, William C., "Wick Moorman Norfolk Southern produces champion", Railway Age, January 2011
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