Hedge funds TCI (The Children’s Investment Fund) and 3GCapital Partners won four seats on the CSX Corp. board of directors in a proxy fight last year. Now, TCI managing partner Christopher Hohn has decided not to seek re-election to the board this year and CSX has decided not to fill the vacancy, according to a filing with the Securities and Exchange Commission onFeb. 12.
Freight traffic on U.S. railroads during the week ended February 7 was off again in comparison with last year, although “up slightly” from the previous week ending Jan. 31, according to the Association of American Railroads. Total volume of 28.2 billion ton-miles was 15.1% lower than the comparable week in 2008.
Railway Age is collecting entries for its annual ShortLine/Regional Railroad of the Year competition, but applicants still have time to enter. Short lines and regionals—and there are more than 500 of them—are invited to submit entries describing outstanding achievement in one or acombination of areas. The entry deadline is Friday, Feb. 27, 2009.
MTA Staten Island Railway’s revitalized freight operation recently took delivery of four new locomotives from Brookville Equipment Corp. Normally, domestic locomotives are delivered by rail, but the equipment move to Staten Island required something out of the ordinary—a barge, high-lift crane, and a steerable trailer.
House Democrats Thursday demanded time to review the $789 billion economic stimulus bill crafted by congressional conference committee, but most political analysts still expected both the House of Representatives and theSenate to approve the measure. Should the package hold until President Obama signs it into law, freight and passenger railroads could benefit significantly.
House Democrats Thursday demanded time to review the $789 billion economic stimulus bill crafted by congressional conference committee, but most political analysts still expected both the House of Representatives and theSenate to approve the measure. Should the package hold until President Obama signs it into law, freight and passenger railroads could benefit significantly.
Greenbrier Cos. says it will reduce its work force by roughly 150, in an effort to rein in costs during the current economic recession.
Freight railroads, particularly Class I railroads, deemed responsible for delays to Amtrak passenger trains using their tracks could befined under new authority granted to the Surface Transportation Board.
Britain’s Department of Transport announced Thursday that it has selected Agility Trains, a British-led group that includes Hitachi of Japan, as the preferred bidder for a $10.7 billion contract to build and maintain a fleet of new Super Express trains for the Great Western and East Coast main lines. John Laing and Barclays are also members of the winning consortium.
The U.S. House and Senate have passed two different versions of aneconomic stimulus package, and a House-Senate Conference Committee is currently in the process of combining both into a single bill that both houses can pass, and send to President Obama for his signature. Both bills contain provisions for the rail industry.
The U.S. House and Senate have passed two different versions of aneconomic stimulus package, and a House-Senate Conference Committee is currently in the process of combining both into a single bill that both houses can pass, and send to President Obama for his signature. Both bills contain provisions for the rail industry.
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Automated Railroad Maintenance Systems has signed an agreement with Transtector and PolyPhasor to become their North American rail industry distributor.
General Electric Co. Wednesday said it will cut 350 jobs, and furlough 1,200 employees, at GE Transportation due to the economic climate, affecting roughly 14% of the 11,400 workers in the subsidiary. About 150 salaried workers and 250 hourly workers will be let go.
The MidAmerica Corridor, a new trackage rights agreement between CN and Norfolk Southern, is designed to establish shorter, faster routes for merchandise and coal traffic moving between the Midwest and Southeast.
Milo E. Riverso, Ph.D., P.E., has been named president of STV, Inc., with the company’s four operating divisions—Buildings and Facilities, Construction Management, Emerging Markets, and Transportation and Infrastructure—reporting to Riverso.
Genesee & Wyoming Inc. Tuesday said its January traffic was up 12.2% compared with the comparable month of2008. The increase was attributable in large measure to GWI’s rail acquisitions made during 2008, including CAGY Industries, Inc., the Georgia Southwestern Railroad, and the Ohio Central Railroad System.
While casting a wary eye on potential customer declines for 2009, Metro-North Railroad has reported anew record of 84 million rides in 2008, its 25th year of operations.Ridership in 2008 was up 3.9% compared with 2007 figures, and includescustomers using the railroad’s connecting ferry and bus services, mostly inWestchester County, N.Y.
Greenwich, Conn.-based Genesee & Wyoming Inc. Wednesday reported an 81% increase in fourth-quarter profit compared with the comparable quarter in 2007, helped by higher revenue and an income-tax benefit which boosted earnings per share by about 30 cents. Earnings rose to $25.3 million, or 70 cents per share, from $13.9 million, or 39 cents per share, in the same quarter last year. Revenue rose almost 11% to $149.2 million.
Graham-White Mfg. Co. says it has acquired The Vista Corp., based in Roanoake, Va., a remanufacturing facility for severe-duty locomotive engines.
