OMAHA, Neb. - Union Pacific Railroad (NYSE: NYSE:UNP) has revealed a substantial $3.4 billion capital investment plan for the year 2024, aiming to enhance safety, asset renewal, and customer growth. This investment translates to an average daily spend of over $9 million across the company's 23-state network, with intentions to bolster local, regional, and national economies.
A significant portion of the investment, approximately $1.9 billion or 56%, is allocated for infrastructure upgrades, including the maintenance and replacement of rails, ties, and ballasts. Another $600 million is earmarked for locomotives and equipment, as part of Union Pacific's commitment to maintaining a modern fleet.
Jim Vena, CEO of Union Pacific, emphasized the dual focus of the investment, stating, "We invest to keep our railroad and employees safe, and we will never compromise on that. We also spend capital dollars to provide a quality service product, and strong service, creating a winning environment for our customers."
The investment plan also includes targeted freight car acquisitions to aid in both replacement needs and growth opportunities. In an effort to enhance operational efficiency, the company will invest in capacity and technology projects, such as siding extensions, across its network.
Union Pacific's intermodal operations, a key component of its service offering, will also see expansion, particularly in high-growth areas like Southern California, Phoenix, and Kansas City.
Union Pacific operates in the western two-thirds of the United States, playing a crucial role in connecting customers and communities to the global economy. The company underscores the environmental benefits of rail transport, highlighting its commitment to future generations.
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