Railroad News

Rail News Home Kansas City Southern 5/13/2021 Rail News: Kansas City Southern
Kansas City Southern has promoted Timothy Livingston from general manager of network operations to vice president of transportation for the company’s operations in the United States and Mexico.Livingston joined KCS as a conductor in 2004 and has held transportation management positions in Arkansas, Louisiana, Texas, Oklahoma and Missouri before being promoted to GM of network operations."Throughout the evolution of KCS’ implementation of precision scheduled railroading, Tim has consistently demonstrated tremendous leadership," said KCS Executive VP of Operations John Orr in a press release. "He has a keen understanding of the value of a speak-up culture and operational balance, and how these elements lead to growth."Meanwhile, KCS earlier this week announced that it received notice of an unsolicited mini-tender offer by TRC Capital Investment Corp. to purchase up to 500,000 shares, or approximately 0.55%, of KCS’s outstanding common stock at a price of $285 per share in cash.As TRC Capital's own offer document acknowledges, the offering price is approximately 2.47% below the closing price per share of KCS on April 30, 2021, the last trading day before the mini-tender offer was commenced, KCS officials said.The officials also said the company does not endorse TRC Capital’s mini-tender offer and recommends that KCS shareholders reject the unsolicited offer and not tender their shares in response to the offer.Moreover, KCS recommends that any shareholders who have tendered shares to TRC Capital withdraw those shares by providing the written notice described in the offering documentation before the offer expires June 2.

Rail News Home Norfolk Southern Railway 5/13/2021 Rail News: Norfolk Southern Railway
Last month, NS committed to establish a science-based target to lower its carbon emissions in accordance with the Paris Agreement on climate change. Photo – nscorp.com

Rail News Home Canadian National Railway - CN 5/12/2021 Rail News: Canadian National Railway - CN
CN today announced today that it has received more than 1,000 letters of support for its proposed acquisition of Kansas City Southern.The number of letters, which have been filed with the Surface Transportation Board, is nearly double the number of support letters filed by Canadian Pacific in less than half the time, CN officials said in a press release.CN will continue to communicate and engage with its customers and various stakeholders as it works towards an agreed-upon transaction with KCS, they said.In March, CP and KCS announced a merger agreement in which CP would acquire KCS in a stock and cash transaction valued at $275 per KCS share. Weeks later, KCS received an unsolicited proposal from CN to acquire KCS in a cash and stock transaction, valued by CN at $325 per share.

Rail News Home CSX Transportation 5/12/2021 Rail News: CSX Transportation
CSX Corp. today announced it has signed a definitive agreement to acquire Quality Carriers Inc., a provider of bulk liquid chemicals truck transportation, from Quality Distribution Inc.Terms of the transaction were not disclosed. The acquisition will establish the first integrated multimodal chemical transportation solution, CSX officials said in a press release.Quality Carriers operates an extensive bulk tank trucking fleet with about 2,500 drivers. Through a network of more than 100 company-owned and affiliate terminals and facilities located throughout the United States, Canada and Mexico, the company provides transportation services to many leading chemical producers and shippers.The transaction will expand the reach of both CSX and Quality Carriers, CSX officials said."Our new partnership will provide chemical producers and shippers with a first-of-its-kind multimodal solution that capitalizes on the powerful synergies between Quality Carriers’ truck transportation fleet and our cost-advantaged rail network. We believe that this new capability will create meaningful long-term value for our company," said CSX President and Chief Executive Officer James Foote.Quality Carriers’ management team, led by President Randy Strutz, will continue to lead the business as part of CSX.