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Rail News: M&A
Two of Genesee & Wyoming Inc.’s (GWI) subsidiary railroads soon will be moving trains on a few more track miles.
Earlier this week, GWI acquired the assets of the Chattahoochee & Gulf Railroad Co. Inc. (CHAT) and the H&S Railroad Co. Inc. (H&S) from Gulf & Ohio Railways for $6 million cash. Newly formed GWI subsidiary Chattahoochee Bay Railroad Inc. operates a system contiguous to CHAT and H&S, which primarily provides switching services for GE Rail Services’ Dothan, Ala., plant.
CHAT operates 29 track miles between Hilton, Ga., and Dothan, and Taylor, Ala., and connects with GWI’s Bay Line Railroad and Chattahoochee Industrial Railroad. The short line primarily handles overhead traffic between Norfolk Southern Railway and the Bay Line, and interchanges with CSX Transportation. GWI expects the Chattahoochee Bay to move more than 5,500 carloads annually.
Meanwhile, the holding company also exercised an option to purchase from NS a 12.5-mile line that runs through Portsmouth, Chesapeake and Suffolk, Va. GWI subsidiary Commonwealth Railway (CWRY) will own and continue to operate the line.
CWRY will use the line to serve a $450 million APM Terminals container terminal in Portsmouth to be completed in July 2007.
GWI is spending $14 million (including $6 million in government grants) to construct a marshalling yard in Suffolk to facilitate a CWRY interchange with NS and CSXT, and install track connecting CWRY’s mainline to the APM terminal. The holding company also will upgrade existing track and improve crossing signals from the new yard to the terminal.
8/31/2006
Rail News: M&A
Genesee & Wyoming acquires two short lines' assets, purchases NS line
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Two of Genesee & Wyoming Inc.’s (GWI) subsidiary railroads soon will be moving trains on a few more track miles.
Earlier this week, GWI acquired the assets of the Chattahoochee & Gulf Railroad Co. Inc. (CHAT) and the H&S Railroad Co. Inc. (H&S) from Gulf & Ohio Railways for $6 million cash. Newly formed GWI subsidiary Chattahoochee Bay Railroad Inc. operates a system contiguous to CHAT and H&S, which primarily provides switching services for GE Rail Services’ Dothan, Ala., plant.
CHAT operates 29 track miles between Hilton, Ga., and Dothan, and Taylor, Ala., and connects with GWI’s Bay Line Railroad and Chattahoochee Industrial Railroad. The short line primarily handles overhead traffic between Norfolk Southern Railway and the Bay Line, and interchanges with CSX Transportation. GWI expects the Chattahoochee Bay to move more than 5,500 carloads annually.
Meanwhile, the holding company also exercised an option to purchase from NS a 12.5-mile line that runs through Portsmouth, Chesapeake and Suffolk, Va. GWI subsidiary Commonwealth Railway (CWRY) will own and continue to operate the line.
CWRY will use the line to serve a $450 million APM Terminals container terminal in Portsmouth to be completed in July 2007.
GWI is spending $14 million (including $6 million in government grants) to construct a marshalling yard in Suffolk to facilitate a CWRY interchange with NS and CSXT, and install track connecting CWRY’s mainline to the APM terminal. The holding company also will upgrade existing track and improve crossing signals from the new yard to the terminal.
