Canadian Pacific has selected Switzerland-based Leclanché SA to supply lithium-ion batteries and energy management software for its HCF (hydrogen fuel cell) road locomotive pilot program. Leclanché’s proprietary technology will be be integrated with the locomotive’s fuel cell modules.
Author: William C. Vantuono
RAILWAY AGE MAY 2021 ISSUE: What started as ‘basically a handshake’ blossomed over time into a mutually beneficial working partnership.
Kansas City Southern has received notice of an unsolicited “mini-tender” offer by Canadian outfit Titus Rockefeller LLC (a.k.a. TRC Capital Investment Corp.) to purchase up to 500,000 shares, or approximately 0.55%, of KCS’s outstanding common stock at a price of $285.00 per share in cash. KCS said it does not endorse the offer and recommends that its shareholders reject it and not tender their shares in response to it. TRC Capital has been cited in numerous documented cases of securities fraud (see below).
As Canadian Pacific and CN vie for a merger with Kansas City Southern, the letters of support for both potential transactions continue to pile up at the Surface Transportation Board. On May 10, it was CP’s turn to up its count, as it reported 131 new letters.
The Surface Transportation Board on May 6 approved, by unanimous vote, a voting trust for Canadian Pacific’s proposed merger with Kansas City Southern. “The Board finds that formal Board review of the voting trust agreement proposed for use in connection with this transaction is warranted and determines that the proposed arrangement is acceptable with certain modifications,” STB wrote in Docket No. FD 36500.
Brian E. Gorton, who began his career in 1987 as a Conrail conductor, has returned to his “home railroad” as President and Chief Operating Officer. He succeeds Timothy C. Tierney, who is retiring after nearly 43 years in the railroad industry.
At Union Pacific’s Investor Day, where achievements in operational efficiency, benefits of PSR implementation, shareholder returns and financial outlook were discussed, management predicted that the railroad will achieve a 55% OR (operating ratio) by 2022. As a result, Cowen and Company modestly adjusted its 2022 assumptions.
The San Francisco Municipal Transportation Agency (SFMTA) will return the F Market & Wharves historic streetcars to service on Saturday, May 15, between Fisherman’s Wharf and Castro and Market streets, seven days a week.
Utah-based global transportation and logistics company Savage has opened Savage Railport in Tooele, Utah, described as “a multi-commodity transload facility strategically located to serve Salt Lake City and surrounding markets.”
On May 3, at 10:22 p.m., a viaduct support underneath a moving Mexico City Metro train collapsed, causing the train to crash onto a busy street underneath. The death toll was 24, and more than 70 were injured.