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Tuesday, June 18 2019 @ 09:26 PM UTC

KC Southern, Norfolk complete joint venture

Cars & Transportation Kansas City Business Journal - Kansas City Southern and Norfolk Southern have finished the formation of a joint venture to increase capacity and improve service on the Meridian Speedway. Kansas City-based KC Southern (NYSE: KSU) owns the Meridian Speedway, which runs between Meridian, Miss., and Shreveport, La. The joint venture stipulates that KC Southern retains 70 percent ownership of the Meridian Speedway. Norfolk Southern (NYSE: NSC), based in Norfolk, Va., owns the remaining 30 percent and will spend $300 million for capital improvements to the line. The companies said April 11 that the U.S. Surface Transportation board had approved the proposed joint venture. KC Southern is a transportation holding company whose main U.S. property is Kansas City Southern Railway Co., which serves the central and south-central United States. KC Southern's international holdings include Kansas City Southern de Mexico SA de CV, which serves northeastern and central Mexico and the port cities of Lazaro Cardenas, Tampico and Veracruz; and a 50 percent interest in Panama Canal Railway Co., which provides ocean-to-ocean freight and passenger service along the Panama Canal. Norfolk Southern owns Norfolk Southern Railway, which operates about 21,200 route miles in 22 states, the District of Columbia and Ontario, Canada.
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