Nothing says fundamental transformation quite like Norfolk Southern’s new Network Operations Center, a murmuring, windowless bunker where the Class I has aggregated its dispatching in downtown Atlanta.
Financial Edge, December 2018 Railway Age: On Oct. 22, American Railcar Industries Inc. (ARI) announced that it was being acquired by a subsidiary of ITE Rail Fund L.P. (ITE). The acquisition price was $70 per share, for a total purchase price (including debt) of $1.7 billion. That price represented a 51% premium to the previous day’s close (Oct. 19) of $46.29 per share. As ITE is privately held, ARI will become a private company at acquisition.
AllTranstek, L.L.C. announced the promotion of James Dinell to Vice President, Technical Services.
What happens when you retire? I’m sure there are few things on everyone’s minds: that extra free time to look forward to, those hobbies you will now have time for, and all the places to visit. For a company, however, losing long-standing employees to retirement can be a difficult moment. Not only do they lose a valued colleague; a firm loses valuable institutional knowledge, experience and wisdom. The gap that is left behind is tangible and can really hurt business stability and growth.
CIT Group Inc. announced that Robert Rubino has been named president of CIT Bank, N.A., the banking subsidiary of CIT, and head of Commercial Banking, effective Feb. 25.
Duos Technologies Group, the provider of intelligent security and analytical technology solutions, has pocketed a second contract from a North American Class I customer.
In a move that it says will increase demand and pricing for Alberta’s tar sands bitumen, the provincial government has affirmed that it will imminently sign orders for two unit-train’s worth of oil tank cars. The deal will be signed by year-end, Premier Rachel Notley declared Nov. 28. The carbuilder was not disclosed.
BNSF Logistics has introduced a new 20-axle railcar, the TEXX 900, which joins its specialized fleet to handle heavy-haul and over-dimensional loads.
Financial Edge, November 2018: In mid-September, CSX filed a report to the FRA stating that its June 2018 derailment near Princeton, Ind., (about 150 miles south of Indianapolis) was caused by buckled track. The derailment included 23 freight cars and caused the evacuation of nearby homes (within a radius of about one mile from the crash site) as a precautionary measure. Some of the derailed cars were carrying liquid petroleum gas (LPG or NGLs) and liquid propane (LP). 60,000 gallons of liquid NGLs were released. One tank railcar filled with leaking propane was on fire.
Railway Age presents its fourth annual Fast Trackers awards, in which we will profile ten individuals under the age of 40 who have made an impact in their respective fields or within their company.