More Than 500 Customers Back Union Pacific–Norfolk Southern Combination as a Catalyst for American Growth

Expanding Market Access and Creating New Growth Opportunities

“By enabling single-line access to additional markets, and expanding market opportunities for bioethanol and DDGS, the proposed transaction has the potential to support rural economic growth, enhance the competitiveness of American agriculture and renewable fuels, and lower prices to end consumers if orchestrated well.”
Ben Sweat, COO, POET Biofuels

“With a single railroad handling movements end-to-end, CFS would be better positioned to respond quickly to changing agriculture market conditions, better positioning CFS to capture opportunities created by supply and demand shifts.”
KC Graner, CEO, Central Farm Service

“With improved reach and service reliability, Independent Salt would be better positioned to develop new customer relationships and partnerships that are not currently viable under the existing rail network framework.”
Matt Keener, Vice President, Independent Salt Company

“MnSP’s perspective reflects the opportunity to better align U.S. soybean production and biodiesel supply with growing demand in the Northeast. A more seamless network would improve our ability to serve these markets while supporting U.S. soybean farmers and biodiesel producers.”
Jeramie L. Weller, General Manager, Minnesota Soybean Processors

“RoyOMartin believes the proposed combination provides several important benefits… Enhanced Market Responsiveness: With end-to-end service managed by a single carrier, RoyOMartin would be better positioned to respond quickly to shifts in demand across housing and industrial markets…Expanded Market Reach: A seamless transcontinental network could improve access to new destinations and customer markets, supporting continued growth and diversification of our shipping lanes.”
Cade Young, Executive Vice President Land, Timber & Supply Chain, RoyOMartin

Strengthening Competition and Helping Customers Grow

“This combination would give Hub a more compelling platform to grow with existing customers, pursue new business, and shift more freight from congested highways to rail…. Hub Group believes the proposed combination will make rail a more competitive growth solution for shippers across North America, and we are pleased to support it.”
Phillip D. Yeager, President & Vice Chairman, Hub Group

“Our intermodal operations complement this foundation, and this transaction enhances the value proposition of our intermodal offering to customers. With extensive trucking and intermodal operations, we are well-positioned to leverage a unified rail network to provide enhanced coast-to-coast service that integrates the strengths of both modes. We believe this combination will strengthen the resilience of the U.S. freight network and improve overall supply chain efficiency.”
Adam Miller, CEO, Knight-Swift Transportation Holdings Inc.

“To remain competitive and keep prices low for customers, we must strengthen U.S. rail competition. This merger will help ensure shippers have access to reliable service and competitive rates while also supporting domestic investment and job creation.”
Bill Johnson, President, Johnson Timber

Improving Reliability and Simplifying Supply Chains

“A single transcontinental railroad would carry Union Pacific's customer experience across the whole country and simplify how we bid and operate by giving us: A single sales representative and point of contact…One waybill for a shipment from origin to destination…One tracing and visibility system…Far less complexity when we do business in Eastern markets.”
Raymond Clay, Terminal Manager, Cody Group Inc

“When the temperature drops, our customers do not have the luxury of waiting, and neither do we. A rail network that moves propane reliably from coast to coast, on one railroad and through one point of contact, would make Ferrellgas a stronger and more responsive supplier to the homes and essential facilities that count on us.”
Chelsea Deeney, Sr. Rail Analyst, Ferrellgas

“Every interchange adds transit time, introduces dwell, and increases the risk of delay. For a product with a heat-and-time-constrained shelf life like Superphosphoric Acid (SPA), those added hours are not just a cost issue, they can be the difference between a successful delivery and a car that cannot be unloaded. A seamless, coast-to-coast single line rail network would reduce many of these barriers and meaningfully expand the geography in which Itafos can responsibly sell SPA.”
David Delaney, CEO, Itafos

Transaction Details

Union Pacific and Norfolk Southern are confident that their proposed merger satisfies the Surface Transportation Board's (STB) requirements and serves the public interest. By creating America's first seamless, coast-to-coast freight rail network, the combined railroad is expected to generate approximately $3.5 billion in annual savings, which will likely be passed on to consumers, and shift an estimated 2.1 million truckloads from highways to rail each year.

The transaction remains subject to STB review and approval and will continue to be subject to STB oversight following closing. The two companies expect the transaction to be completed in the third or fourth quarter of 2027.

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About Union Pacific

Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable, and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

About Norfolk Southern

Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com

Contacts

Union Pacific Media Inquiries:
media@up.com

Union Pacific Investor Inquiries:
Diana Prauner
402-544-4227 or dprauner@up.com

Norfolk Southern Media Inquiries:
media.relations@nscorp.com

Norfolk Southern Investor Inquiries:
investor.relations@nscorp.com