Genesee & Wyoming Inc. Subsidiaries Lease Two U.S. Short Line Railroads, Linking 400 Miles of Contiguous Lines Across Indiana...
March 22 2019 - 12:55PM
Business Wire
Genesee & Wyoming Inc. (G&W)(NYSE:GWR) announced today
that its subsidiaries Toledo, Peoria & Western Railway Corp.
(TPW) and Central Railroad Company of Indianapolis (CERA) have
signed long-term agreements to lease and operate the Winamac
Southern Railway (WSRY) and Kokomo Railroad (KR), respectively,
which together own 57 miles of track in Indiana. Terms of the
agreement were not disclosed.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20190322005372/en/
Two Genesee & Wyoming Inc.
subsidiaries signed long-term agreements to lease and operate the
Winamac Southern Railway and Kokomo Railroad
Together with G&W’s Illinois & Midland Railroad, Inc.
(IMRR) and Tazewell & Peoria Railroad, Inc. (TZPR), the new
leases create a contiguous 400-mile, four-railroad footprint
(CERA-TPW-TZPR-IMRR) spanning from Eastern Indiana to Western
Illinois with connections to six Class I railroads.
TPW and CERA obtained authority from the U.S. Surface
Transportation Board to lease and operate WSRY and KR effective as
of Feb. 27, 2019, and commenced operations under the new agreements
today with five employees and two locomotives. TPW and CERA are
expected to handle approximately 5,000 carloads per year over the
new lines, consisting primarily of agricultural products, chemicals
and plastics and metals, of which approximately 3,000 carloads are
currently interchanged with CERA.
WSRY and KR share common ownership with Kokomo Grain Co., which
is a large customer of WSRY and the only customer of KR. “TPW and
CERA have been operating WSRY and KR under a short-term agreement
for the past three months and providing excellent rail service,”
said Scot Ortman, president of Kokomo Grain. “Considering that
prior to G&W’s ownership of CERA, Kokomo Grain evaluated
building its own track to bypass CERA, the turnaround in our
relationship is a testament to G&W’s customer focus and
commitment to mutually beneficial partnerships.”
TPW and CERA are managed with G&W’s Midwest Region railroads
under the leadership of Senior Vice President Martin Pohlod. “Since
acquiring CERA and TPW in 2012, we have worked hard to repair their
relationship with Kokomo Grain, and these long-term leases of WSRY
and KR are a direct result of those efforts,” said Pohlod. “We’re
planning immediate upgrades to the WSRY and KR lines to support the
business and further enhance our customers’ routing options,
interchange locations and geographic reach through G&W’s
footprint of contiguous railroads.”
About G&W
G&W owns or leases 120 freight railroads organized in eight
locally managed operating regions with 8,000 employees serving
3,000 customers.
- G&W’s six North American regions
serve 41 U.S. states and four Canadian provinces and include 114
short line and regional freight railroads with more than 13,000
track-miles.
- G&W’s Australia Region serves New
South Wales, the Northern Territory and South Australia and
operates the 1,400-mile Tarcoola-to-Darwin rail line. The Australia
Region is 51.1% owned by G&W and 48.9% owned by a consortium of
funds and clients managed by Macquarie Infrastructure and Real
Assets.
- G&W’s UK/Europe Region includes the
U.K.’s largest rail maritime intermodal operator and second-largest
freight rail provider, as well as regional rail services in
Continental Europe.
G&W subsidiaries and joint ventures also provide rail
service at more than 40 major ports, rail-ferry service between the
U.S. Southeast and Mexico, transload services, contract coal
loading, and industrial railcar switching and repair.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190322005372/en/
Michael Williams, G&W Corporate
Communications1-203-202-8900Web site: www.gwrr.com
Genesee and Wyoming (NYSE:GWR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Genesee and Wyoming (NYSE:GWR)
Historical Stock Chart
From Jul 2023 to Jul 2024