Union Pacific to invest $300M in CA |
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Published
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Fri, 30 Mar 2007 22:58
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OMAHA, Neb. (AP) - Union Pacific announced Friday that the railroad will invest $300 million to double the capacity of its Southern California container transfer facility over the next several years to better handle the growing traffic from nearby ports.The railroad also will replace 10 diesel cranes at the 20-year-old facility in Los Angeles with newer electric cranes that will help reduce noise and emissions.'Union Pacific is committed to seeking out ways to improve the environment,' Chief Executive Jim Young said.Containers that ships bring to the Long Beach and Los Angeles ports are trucked to the Union Pacific facility and loaded onto railcars. Union Pacific and other railroads refer to this part of the business as intermodal shipping because several modes of transportation are used to deliver the cargo.Union Pacific Corp. has said that intermodal shipping accounted for $2.8 billion of its $15.6 billion revenue last year.The nation's largest railroad plans to invest in as many as 39 new electric gantry cranes to replace the old diesel cranes at the facility five miles north of the San Pedro Bay Port complex.The new cranes will allow Union Pacific to stack containers higher, increasing capacity without making the facility bigger.Union Pacific operates 32,400 miles of track in 23 states from the Midwest to the West and Gulf coasts.Shares of Union Pacific rose 25 cents to $101.55 Friday on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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