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9/17/2002



Rail News: Rail Industry Trends

Genesee & Wyoming to list shares on New York Stock Exchange; obtain STB approval to acquire Utah Railroad


Genesee & Wyoming Inc. (GWI) Sept. 17 announced plans to begin trading its Class A shares of common stock on the New York Stock Exchange (NYSE) beginning Sept. 27.


The short-line holding company has been listed on NASDAQ since its initial public offering on June 24, 1996; GWI's shares will continue to trade on NASDAQ until Sept. 27.


"We believe that our shareholders will benefit from the increased visibility and … we will be joining our Class I railroad service partners as well as the majority of our industrial customers already listed on the NYSE," said Mortimer Fuller III, GWI chairman and chief executive officer, in a prepared statement.


Meanwhile, GWI recently filed a notice of exemption with Surface Transportation Board to acquire the stock of Utah Railway Co. and its subsidiary Salt Lake City Southern Railroad Co.


The holding company in late August announced plans to acquire the short lines from Mueller Industries Inc. for $54 million cash.


Although Utah Railroad operates as a Class III, the railroad's revenue increases in recent years might now qualify it as a Class II, GWI said in its STB filing.


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