We are a part of a dynamic and exciting industry that is evolving daily. We are pleased to share important company and industry news with you.
9/14/07 The League of Railway Industry Women (LRIW) presented its 2007 “Member of the Year” award to Connie Sumara, Vice President of Operations for Chicago Freight Car Leasing Co. Congratulations Connie!
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.
