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5/2/2003



Rail News: Rail Industry Trends

Tranz Rail targets rolling stock-refurbishment contracts, taps Loughlin as interim CFO


Tranz Rail Holdings Ltd.'s Hillside Workshops expects soon to obtain two car- and locomotive-overhaul contracts from Auckland Rail Project totaling $7.9 million.


On May 9, Tranz Rail plans to finalize the contracts under which the shops would overhaul two, three-carriage cars and two locomotives on the Auckland line by June, and rebuild former British Rail cars by December 2004.


The three-carriage cars will be gutted and covered with new fiberglass lining, and fitted with air-conditioning units. The British Rail cars will be remanufactured and lowered to match the height of Auckland stations.


Meanwhile, Tranz Rail recently named current Board Director John Loughlin interim chief financial officer while current CFO Wayne Collins helps close several key financial transactions, such as the sale of commuter road Tranz Metro, freight-distribution service Tranz Link and Wellington Railway Station.


A director of a number of financial companies, Loughlin previously served Richmond Ltd. as chief executive officer and finance manager, and Westpac Services Ltd. as general manager of investments.


Because of his strong banking relationships, Loughlin will help Tranz Rail navigate its recent financial troubles, said Tranz Rail Managing Director Michael Beard in a prepared statement.


Tranz Rail plans to appoint a permanent CFO in the near future.


Contact Progressive Railroading editorial staff.

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