CSX Corp. plans to cut 300 management workers

Author: Associated Press
MGN Online

JACKSONVILLE, Fla. (AP) – Florida-based railroad operator CSX Corp. plans to cut 300 management workers, mostly through buyouts by the end of the year.

Most of the workers targeted are based at the company’s Jacksonville headquarters.

CSX has about 3,600 employees in Jacksonville. Cost says the cuts are among other efforts to reduce expenses. The company also plans to delay raises and reduce “nonessential costs” such as travel expenses.

Cost says the buyouts will be available to employees over 53 years old with at least 19 years of experience with CSX.

The company says its revenues were up in the first three quarters of this year, but its expenses rose at a higher rate.

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