STB approves GWI acquisition of P&W
The Surface Transportation Board on Dec. 15, 2016 granted Genesee & Wyoming Inc. authority to acquire control of Providence & Worcester Railroad Co.
The Surface Transportation Board on Dec. 15, 2016 granted Genesee & Wyoming Inc. authority to acquire control of Providence & Worcester Railroad Co.
Genesee & Wyoming’s Australia (GWA) subsidiary has entered into agreements to acquire Glencore Rail (GRail) for $A 1.14bn ($US 870m) and will also issue a 49% equity stake in GWA to funds managed by Macquarie Infrastructure and Real Assets (Mira).
Add regional Providence & Worcester Railroad Co. (P&W) to Genesee & Wyoming Inc.’s growing stable of Class II and III carriers. GWI announced Aug. 15, 2016 that it plans to acquire the P&W for $126 million at $25.00 per share.
Despite a strong U.S. dollar, lower commodity prices and fewer coal shipments, Genesee & Wyoming Inc. on Feb. 10, 2016 reported a 2015 fourth-quarter revenue of $514.9 million, an increase of nearly 24% from the year-ago quarter, exceeding expectations of $510.5 million and $518.5 million, respectively. According to Cowen and Company Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl, G&W “is positioning itself well” for 2016.
On Nov. 12, 2015, Railway Engineering-Maintenance Suppliers Association (REMSA) member Balfour Beatty Rail hosted Congressman Ted Yoho (R-Fla.) for a tour of its Jacksonville, Fla., facility and discussed public policy priorities for the rail industry at-large.
Pioneer Railroad Services, Inc., a subsidiary of Pioneer Railcorp, announced Oct. 6, 2015, that Dale Montgomery has joined the Pioneer Lines team effective October 1. Montgomery will assume the role of Vice President of Business Development and will be developing new revenue streams outside the parameters of the current core business.
David L. Powell, Vice President Motive Power for Genesee & Wyoming, has accepted a two-year assignment effective Sept. 1, 2015 as Director of Rolling Stock for Saudi Arabia Railway Co. (SAR), a 1,700-mile carrier of minerals and other cargo and passengers in the Kingdom of Saudi Arabia.
The American Short Line and Regional Railroad Association (ASLRRA) has appointed David Collins, Senior Vice President of Commercial Support, Genesee & Wyoming Railroad Services, Inc. (G&W) to its eleven member Executive Committee, effective July 31, 2015, the association announced August 7.
“We are lowering earnings expectations for most railroads to reflect traffic results,” says Cowen and Company Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl, regarding upcoming second-quarter financial earnings of the Class I railroads.
John Harrison Marino Sr., 76, career railroader, professional engineer and co-founder of RailAmerica, died May 19, 2015, at home.