Norfolk Southern Reaches Agreement With Avondale Mills to Settle Claims From Graniteville Accident

NORFOLK, Va., April 7, 2008 /PRNewswire-FirstCall/ -- After four weeks of trial, Norfolk Southern Corporation and Avondale Mills have agreed to a confidential settlement of the lawsuit brought by Avondale arising from the January 6, 2005 accident inGraniteville, South Carolina. A portion of the settlement will not be reimbursed by insurance and will be recorded in the first quarter as an expense. This expense combined with other favorable claims-related adjustments will increase year-over-year operating expenses by $13 million and reduce first quarter earnings by $0.02 per diluted share.

Norfolk Southern Corporation (NYSE: NSC) is one of the nation's premier transportation companies. Its Norfolk Southern Railway subsidiary operates approximately 21,000 route miles in 22 states and theDistrict of Columbia, serving every major container port in the easternUnited States and providing superior connections to western rail carriers. Norfolk Southern operates the most extensive intermodal network in the East and isNorth America's largest rail carrier of metals and automotive products.

SOURCE Norfolk Southern Corporation

Tags: ,TRN,LAW,VA-Norfolk-S.-settle

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Norfolk Southern Reaches Agreement With Avondale Mills to Settle Claims From Graniteville Accident