Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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

Index Last Change % Change
Dow 17,873.22 44.93 0.25%
Nasdaq 4,933.51 31.74 0.65%
S&P 500 2,099.06 8.96 0.43%
Treasuries 1.85 0.03 1.54%
Data as of 5:15am ET
Company Price Change % Change
Bank of America Corp... 14.88 0.18 1.22%
Coca-Cola Enterprise... 51.55 0.69 1.36%
Baxalta Inc 45.53 -0.17 -0.37%
Apple Inc 100.35 -0.06 -0.06%
Micron Technology In... 12.31 0.36 3.01%
Data as of May 27
Sponsors

Sections

Janet Yellen hinted again Friday that a June or July interest rate hike is a very real possibility. More

The FBI has opened a national security investigation into the hacking of Bangladesh's central bank amid signs that the hack might have come from North Korea. More

The gender pay gap in the labor market is pretty well documented. But the gender gap also exists in the housing market. More

Approved - solomong
jpepitone.gsolomon