In a transaction valued at $400 million, the Greenbrier Companies, Inc. (GBRX) has entered into an agreement to acquire the manufacturing business of American Railcar Industries (ARI) from ITE Management LP (ITE), the hedge fund that bought ARI from investor Carl Icahn in December 2018. GBX said the result will be “a larger U.S. railcar manufacturing footprint, adding ARI’s two manufacturing facilities in Arkansas. It will employ more U.S. workers at cost-competitive and flexible facilities, with a more-efficient delivery model throughout North America, due to lower transportation costs.”
CSX Corp. announced on April 16 that its first-quarter 2019 net earnings reached $834 million, or $1.02 per share, against $695 million ($.78 per share) year-over-year—an earnings per share increase of 31%.
A. Stucki Company has named Sagar Sumant as Global Director of SAP (Systems, Applications and Products) to lead the company’s new SAP Global Center of Excellence.
In a competitive bid, the Georgia Port Authority selected RailComm, LLC as the yard management system provider for the new Port of Savannah Multi-Modal Connector, RailComm announced on April 10.
Railway Age Contributing Editor Jim Blaze is not the only one singing the boxcar blues (“I’m singin’ the boxcar blues” article, March 26). Members of the Railway Supply Institute Equipment Leasing Committee (ELC) have also identified the looming boxcar shortage as a significant issue that needs to be addressed.
If you missed this year’s Rail Equipment Finance Conference held in La Quinta, Calif., you may have missed the best rail equipment and finance program ever assembled in one location. Never fear, here is the “Financial Edge” annual summary of key takeaways from the speakers gracing the podium at REF 2019.
The future of the North America rail freight boxcar been a lingering question for about four decades during my railroad career. Much like the proverbial frog asks in slowly heating water, “Is it boiling yet?
Norfolk Southern has filed a petition with the Federal Railroad Administration (FRA) for a waiver of compliance from certain provisions of federal railroad safety regulations regarding refresher training for mechanical inspectors, “FRA WAIVER PETITION DOCKET No. FRA-2018-0100, Brake System Safety Standards for Freight and Other Non-passenger Trains and Equipment, End-Of-Train Devices (49 C.F.R. Part 232).” Two unions have filed comments disputing NS’s petition.
New York Air Brake announced March 15 that it has acquired locomotive fueling, servicing and component remanufacturing company Snyder Equipment Co. Terms of the deal were not disclosed.
THE FINANCIAL EDGE, MARCH 2019 – On Feb. 19, the Alberta government announced that it had entered into transportation (and some logistics) contracts with CN and Canadian Pacific to begin to move Canadian oil sands crude from the Albertan province down to the Gulf of Mexico. The province intends to move 20,000 barrels per day (BPD) by rail beginning in July 2019, increasing to a total number of 120,000 BPD by midyear 2020.