Small N.Y. hamlet gets big train-car contract

By Julianne Pepitone, staff reporter


NEW YORK (CNNMoney.com) -- The town of Elmira, an upstate New York community that once prospered during the manufacturing boom, got a spot of good news Friday.

A total of 575 jobs are coming to the small city, after Amtrak awarded an Elmira-based company a contract to build 130 new train cars.

CAF USA, a subsidiary of a Spanish rail manufacturer, will build the single-level rail cars and hire hundreds for manufacturing and assembly work at its plant in Elmira. The first car is scheduled to be completed in October 2012.

The five-year contract, worth $298.1 million, is the first step in a fleet renewal plan. Amtrak said the new cars will replace some old fleet cars still in use -- including some built in the 1940s and 1950s.

The car replacements will save money and improve trains' on-time performance, Amtrak added. The company plans to replace its entire fleet over the next 30 years. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,240.56 83.71 0.49%
Nasdaq 4,590.02 27.83 0.61%
S&P 500 2,011.25 9.68 0.48%
Treasuries 2.62 0.02 0.96%
Data as of 10:45am ET
Company Price Change % Change
Bank of America Corp... 16.99 0.22 1.31%
Yahoo! Inc 42.74 0.15 0.35%
Apple Inc 102.04 0.46 0.45%
General Electric Co 26.21 0.16 0.61%
Regions Financial Co... 10.56 0.18 1.73%
Data as of 10:30am ET

Sections

Alibaba founder Jack Ma could earn as much as $867 million from his company's market debut. More

The Federal Reserve is probably not going to raise interest rates until the summer of 2015 at the earliest. More

NASA has turned over the shuttle program to two companies, Boeing and Elon Musk's SpaceX. The agency wants to pursue something far sexier. More

Immigrant entrepreneurs leverage connections abroad to boost international exports -- and non-immigrants could stand to learn from their tactics. More

Occupy Wall Street offshoot Strike Debt says it has abolished nearly $4 million in private student loan debt for students who attended Everest College, part of Corinthian Colleges. More

Approved - solomong
jpepitone.gsolomon
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.