CSX Agrees to Acquire New England's Pan Am Railways
November 30 2020 - 5:20PM
Dow Jones News
By Stephen Nakrosis
CSX Corp. said Monday it agreed to acquire New England's Pan Am
Railways, Inc.
CSX said Pan Am's rail carrier subsidiaries "comprise North
America's largest regional railroad."
Pan Am owns and operates a nearly 1,200-mile rail network and
also holds a partial interest in the Pan Am Southern system, CSX
said.
The deal will expand CSX's reach into Connecticut, New York and
Massachusetts and add Vermont, New Hampshire and Maine to its
network, the company said.
James M. Foote, CSX's president and chief executive, said, "In
Pan Am, CSX gains a strong regional rail network in one of the most
densely populated markets in the U.S., creating new efficiencies
and market opportunities for customers as we continue to grow."
Financial terms of the deal weren't disclosed.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
November 30, 2020 17:05 ET (22:05 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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