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4/22/09 Chicago Freight Car Leasing Co. announced that Shad Peterson has been named Chief Operating Officer. Shad has been the CEO of Union Leasing, the vehicle fleet management subsidiary of CFCL, having been appointed by the Board of Directors in 2007 after holding the position of President since 2005. Prior to joining Union Leasing, Shad was Sr. Vice President & Managing Director of Sales & Operations for Greenwich Technology Partners, and had spent 12 years within the professional consulting industry providing strategic planning and consulting services to Fortune 500 companies with a focus on financial and telecommunications companies.
In his new position, Shad will be responsible for directing CFCL’s North American Rail Leasing business, continuing the company’s growth initiatives that have evolved over 80 years of operation. In addition, Shad will retain his position as CEO at Union Leasing, focusing on executing the corporate business plan and providing strategic guidance to this growing business unit. Shad will also retain the position of President for Mississippi Railcar L.L.C. and will assume the position of Vice President of Hoosier Railcar Inc., both of which are independent family owned businesses that provide quality railcar repair services to private car owners, shippers and railroads.
According to Fred Sasser, President and CEO of Chicago Freight Car Leasing, “The addition of Shad to our team will bring a great deal of experience, including broad industry knowledge, and a new leadership perspective to drive CFCL’s growth in providing valued customer solutions.” Mr. Sasser also added, “I know this will strengthen our overall team at Chicago Freight Car Leasing as we navigate this challenging market and prepare for the opportunities that will develop out of it.”
3/30/09 Chicago Freight Car Leasing announces that their wholly-owned subsidiary in Australia, CFCL Australia, has chosen Marubeni Corporation as their equity partner for their Rail Joint Venture.
10/29/07 Chicago Freight Car Leasing Co. has committed to a long term arrangement with Mississippi Railcar to be a preferred railcar maintenance service provider of their over 9,000 railcar fleet. According to Dennis Weed, Chief Mechanical Officer of Chicago Freight Car, “Mississippi Railcar provides our company the services of an experienced operation that will provide strong support for our customers’ railcar maintenance needs in the south and east area of the country.” Mississippi Railcar, LLC recently purchased the railcar repair and maintenance operations of Meridian, MS based Custom Rail Car, LLC. Located off of the Meridian & Bigbee Railroad (a Genesee & Wyoming Inc. railroad), Mississippi Railcar is strategically positioned to support the extensive railcar service needs of customers operating railcars in the South and Southeast regions of the U.S. They have plans to expand capabilities and capacity on their 67 acre site to meet the growing demands from current and prospective customers among the railroads and private railcar owners. Current services include a wide variety of operating repairs, standard and specialized welding (including aluminum railcar welding), refurbishment programs, wreck work, exterior painting and mobile repair. All work performed is in strict accordance with AAR M-1003 specifications.
10/31/07 The Surface Transportation Board (STB) has agreed to examine "paper barrier" provisions on a case-by-case basis. Paper Barriers are a common provision in rail line lease or sale agreements. These restrict a tenant or purchasing railroad from interchanging traffic with carriers other than the railroad leasing the line or selling railroad. The STB is proposing new disclosure rules to ensure advance regulatory scrutiny of any such provisions involving a new sale or lease. The STB also plans to issue expedited discovery rules to ensure parties challenging an existing interchange commitment can obtain quick access to the carriers' agreement. Under the proposed regulations, the STB would require parties to identify any interchange commitment and the affected interchange points when seeking board authorization for the sale or lease of a rail line. The board is accepting comments on the proposed regulations until Jan. 2. Replies will be due Jan. 22.
9/26/07 The Canadian National Railway Company (CN) and United States Steel Corporation (NYSE) announced an agreement under which CN will acquire the major portion of the Elgin, Joliet and Eastern Railway Company (EJ&E) for US$300 million. The acquisition is subject to regulatory review by the U.S. Surface Transportation Board (STB). EJ&E, a Class II railroad, operates over 198 main line miles of track that encircles the City of Chicago from Waukegan, Ill., on the north, to Joliet, Ill., on the west, to Gary, Ind., on the southeast, and then to South Chicago.
9/4/07 The Canadian Pacific Railway (CPR) and Dakota, Minnesota & Eastern Railroad Corp. (DM&E) announced they reached an agreement under which CPR would acquire the 2,500-mile DM&E and its subsidiaries, including the Iowa, Chicago & Eastern Railroad Corp., for U.S.$1.5 billion and future contingent payments. The acquisition is subject to U.S. Surface Transportation Board review, which could take up to 10 months.
