TTX doubles 2003 rail-car purchasing program (12/12/2002)
12/12/2021On Dec. 11, TTX Co. announced plans to spend $247 million next year to acquire flat and 60-foot, cushioned box cars — doubling the amount it's budgeted for 2003 car purchases.
Owned by North America's nine largest railroads and operator of a 127,000-car fleet, TTX previously announced plans to purchase $243 million worth of cars next year, including 500 stand-alone, 53-foot double-stack cars and 200 three-unit, articulated, 53-foot double-stack cars.
"A spending program of this magnitude is an expression of confidence in the underlying strength of the markets served by TTX's equipment," said TTX President and Chief Executive Officer Andrew Reardon in a prepared statement. "We are responding to the continuing growth of intermodal transportation, as well as the strong demand for rail transportation in box-car and other markets."
During 2002, TTX implemented a cost-management program that enabled the company to provide equipment users rate reductions and incentives totaling more than $72 million. The company plans to launch a new incentive plan Jan. 1.
Source: Progressive Railroading Daily News