Nebraska Gov. Dave Heineman & Union Pacific CEO Jim Young Announce UP's $1 Billion Investment In Nebraska
Company Celebrates 150 Years of Doing Business in Nebraska
Omaha, Neb., January 20, 2012 Gov. Dave Heineman today joined Union Pacific Chairman and CEO Jim Young in announcing the company's planned $1 billion investment in Nebraska over the next several years as part of its capital investment programs. The $1 billion will be spent on projects across the state, including the following:
- Union Pacific is expanding capacity at its North Platte rail yard, the largest railroad classification yard in the world, with a $70 million investment for better throughput by adding track and technology upgrades.
- About 125 trains a day transport goods through Nebraska on Union Pacific's main line – making it the busiest freight rail transportation corridor in the United States. An investment of approximately $220 million in new rail, ties and other work will increase capacity and fluidity on this busy corridor.
- Between Fremont and Missouri Valley, Union Pacific plans to spend $206 million on new crew change buildings, a bridge over the Elkhorn River, new technology and track. This is a multiple-year project to move trains more efficiently and improve service.
"I'm thrilled at the news of Union Pacific's expansion," said Gov. Dave Heineman. "Their extraordinary investment in our state is a great example of how Nebraska is moving forward as a state with one of the lowest foreclosure rates, the second-lowest unemployment rate and a destination for companies looking to expand and create jobs."
"We're proud that Union Pacific has been part of Nebraska for 150 years. Today's announcement of our $1 billion infrastructure investment in the state renews our commitment to helping stimulate business and job growth in Nebraska. Governor Heineman, working with the Unicameral, is committed to providing a business environment that encourages investments in the state, making Nebraska more competitive on national and global scales," said Jim Young, Union Pacific chairman and chief executive officer.
Union Pacific employs approximately 45,000 people. About 8,000 of those employees are in Nebraska, creating a payroll of nearly $1 billion. Union Pacific operates 1,068 miles of track in the state.
According to the U.S. Department of Commerce economic models, every dollar invested in freight railroads yields $3 in economic output and every job in day-to-day operations sustains another 4.5 jobs elsewhere in the economy. Using this model, Union Pacific's $1 billion in Nebraska can yield $3 billion in economic output.
About Union Pacific
It was 150 years ago that Abraham Lincoln signed the Pacific Railway Act of July 1,1862, creating the original Union Pacific. One of America's iconic companies, today, Union Pacific Railroad is the principal operating company of Union Pacific Corporation (NYSE: UNP), linking 23 states in the western two-thirds of the country by rail and providing freight solutions and logistics expertise to the global supply chain. From 2000 through 2011, Union Pacific spent more than $31 billion on its network and operations, making needed investments in America's infrastructure and enhancing its ability to provide safe, reliable, fuel-efficient and environmentally responsible freight transportation. Union Pacific's diversified business mix includes Agricultural Products, Automotive, Chemicals, Energy, Industrial Products and Intermodal. The railroad serves many of the fastest-growing U.S. population centers and emphasizes excellent customer service. Union Pacific operates competitive routes from all major West Coast and Gulf Coast ports to eastern gateways, connects with Canada's rail systems and is the only railroad serving all six major Mexico gateways.
Gov. Heineman's Office: Jen Rae Hein, 402-429-4701; Sue M. Roush, 402-471-1970
Union Pacific: Donna Kush, 402-544-3753
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