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10/22/2002



Rail News: Rail Industry Trends

Freight Australia lands fourth long-term contract in four months


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RailAmerica Inc. subsidiary Freight Australia recently inked its third long-term service contract in the past month and fourth since June. The 3,150-mile regional won a three-year, $8.4 million contract with large Australian food supplier Weston Milling to move grain from various New South Wales locations to the shipper's Sydney baking facilities.


Combined with its recent Shell Oil Co. of Australia Ltd. and Nestle Purina contracts, Freight Australia in a month garnered long-term business valued at more than $18 million. In June, the railroad signed a five-year, $34 million rice-moving contract with SunRice.


"With the signing of this newest contract, we have extended the reach of our Melbourne-based railroad to actively serve the adjacent state of New South Wales," said Gary Marino, RailAmerica chairman, president and chief executive officer, in a prepared statement, adding that Freight Australia has been able to diversify its revenue base despite a drought that's affecting Victoria grain moves.


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