Norfolk Southern Corp. sent a letter today to Canadian Pacific Chief Executive Officer E. Hunter Harrison informing him that the NS board rejects CP's updated buyout offer.
The letter, which NS filed as an 8-K statement, makes official the comments NS officials made in a press release last week after CP updated its original merger proposal.
Note: This sidebar in the December issue was written prior to NS' rejection of CP's initital buyout offer, CP's second offer, NS' subsequent rebuff of that proposal and several other maneuvers. Follow this link to read the latest on the proposed CP-NS merger.
Norfolk Southern Corp. and Canadian Pacific were business partners that executed the D&H line sale, and now they might become permanent partners.
By Jeff Stagl, Managing Editor
When it comes to real estate, it’s often more advantageous to own a property than to rent or lease it. One of the benefits: A property can be controlled according to an owner’s wishes rather than a landlord’s dictates.
A shipment of pet food that arrived to the new SENASICA inspection program marked a milestone for Kansas City Southern de Mexico S.A. de C.V.’s (KCSM) Puerta Mexico intermodal facility, the railroad announced last week.
Pet food was in the first container shipped to the new inspection facility, KCSM officials said in a post on the railroad's website.
A wheel set issue was behind the derailment of a CN train near Brockville, Ontario, in July 2014, the Transportation Safety Board (TSB) announced in its investigation report yesterday.
The 26 derailed cars included 13 Class 111 tank cars containing aviation fuel residue. A small amount of product was released, and no injuries were reported, the TSB said in a press release.
Kansas City Southern Railway Co. will spend $6.5 million on rail and bridge improvements on its Vicksburg Subdivision in Louisiana, the Class I announced yesterday.
The project is designed to address capacity, maintenance and safety on KCS' cross-border network, according to a KCS press release.
A Canadian environmental agency has allocated funds to four applicants that want to be involved in an environmental assessment of CN's proposed intermodal and logistics hub in Milton, Ontario.
The Canadian agency allocated a total $203,122.90 (in Canadian dollars) to the following applicants: Halton Region Conservation Authority ($21,800); Milton Says No ($7,200); Mississaugas of New Credit First Nation ($95,600); and Nation Huronne-Wendat ($78,522.90), according to a press release from the agency.
Kansas City Southern today announced its third-quarter financial results bested second-quarter performance and included a record operating ratio. But on a year-over-year basis, most measures declined.
KCS reported third-quarter operating income of $220 million versus $229 million in the year-ago period; net income of $132 million, or $1.20 per diluted share, compared with last year's $138 million, or $1.25 per diluted share; revenue of $632 million versus $677.5 million a year earlier; and carloads totaling 583,400 compared with 595,400 in third-quarter 2014.
Kansas City Southern yesterday released its 2014 Sustainability Report, which outlines the company's progress on social, environmental and economic topics.
Highlights of the report include the Class I’s efforts to improve safety and security, such as through the use of new technology that detects potential safety rules violations involving the inappropriate use of cell phones in locomotive cabs, as well as a new mobile security application that allows real-time reporting of events to enable faster response times when needed, the company said in a press release.
Kansas City Southern yesterday unveiled a new website for Kansas City Southern Railway Co. and Kansas City Southern de Mexico, S.A. de C.V. that is designed around customers' needs.
The new mobile-friendly site offers users new tools, resources and navigation to help them access information, company officials said in a press release.
Kansas City Southern (KCS) yesterday marked the dedication of its new intermodal terminal in Wylie, Texas. The $64 million terminal opened July 13 following 12 months of construction.
The terminal will serve intermodal customers' U.S. international and U.S.-Mexico cross-border shipments, KCS officials said in a press release.
Kansas City Southern Railway Co. (KCSR) on July 21 held a ribbon-cutting ceremony to mark the opening of a mechanical facility in Pearl, Miss.
The state-of-the-art facility near Jackson will better accommodate the continued traffic growth expected through High Oak Yard, railroad officials said in an item posted on the "KCS News" web page.
Kansas City Southern reported second-quarter 2015 revenue fell 10 percent to $586 million compared with second-quarter 2014 results, as overall carloads at 537,200 units were 6 percent lower than a year ago, the company announced this morning.
The Class I's net income for the quarter totaled $112 million, or $1.01 per diluted share, compared with $130 million, or $1.18 per diluted share, a year ago. Excluding the impact of foreign exchange rate fluctuations and lease termination costs, adjusted diluted earnings per share for second quarter were $1.03 compared with $1.21 in 2014.
Kansas City Southern yesterday announced that Brian Hancock has been appointed executive vice president and chief marketing officer. He will report to KCS President Patrick Ottensmeyer.
Most recently, Hancock was senior vice president of supply chain for Family Dollar Stores Inc. His experience also includes roles as vice president-global supply chain for Whirlpool Corp., where he led the development of a multimodal, worldwide logistics strategy for the company’s Mexican manufacturing operation; vice president and general manager for Schneider National; and president-North America for The Martin-Brower Co. LLC, a food and materials supplier to McDonald’s restaurants.
by Jeff Stagl, managing editor
It's several minutes past 2 p.m. on Oct. 4 at Norfolk Southern Corp.'s headquarters. Mark Manion enters a conference room, takes a seat, sets his Blackberry down on a table and apologizes for being late. He also jokes about not being able to shake hands.
Contact Progressive Railroading editorial staff.
Currently chairman and CEO, Haverty will continue to concentrate on the company’s strategic direction and oversee long-term business decisions. Currently president and chief operating officer, Starling will succeed Haverty as CEO and report to him. Starling will focus on execution of the company’s long-range plan, as well as oversight and management of all facets of operations, including subsidiaries and affiliates.
Starling joined KCS in July 2008 as president and COO “with the thought in mind that he could succeed me as CEO,” said Haverty in a prepared statement. “After two years, we are ready. David is a great team leader, and I truly believe we have the best management team, both north and south of the border, that we have had in the 15 years I have been associated with KCS.”
Currently chairman and CEO, Haverty will continue to concentrate on the company’s strategic direction and oversee long-term business decisions. Currently president and chief operating officer, Starling will succeed Haverty as CEO and report to him. Starling will focus on execution of the company’s long-range plan, as well as oversight and management of all facets of operations, including subsidiaries and affiliates.
Starling joined KCS in July 2008 as president and COO “with the thought in mind that he could succeed me as CEO,” said Haverty in a prepared statement. “After two years, we are ready. David is a great team leader, and I truly believe we have the best management team, both north and south of the border, that we have had in the 15 years I have been associated with KCS.”
In addition to his current responsibilities for federal, state and local government and regulatory affairs, corporate communications and community relations, Erdman now will manage administrative functions, including the legal department, claims, real estate, industrial development, facilities and U.S. railroad police security.
Prior to joining KCS in 1997, he was chief of staff for Sen. Christopher Bond (R-Mo.) for 10 years. Erdman also previously served on the staffs of Missouri governors John Ashcroft and Christopher Bond.
In addition to his current responsibilities for federal, state and local government and regulatory affairs, corporate communications and community relations, Erdman now will manage administrative functions, including the legal department, claims, real estate, industrial development, facilities and U.S. railroad police security.
Prior to joining KCS in 1997, he was chief of staff for Sen. Christopher Bond (R-Mo.) for 10 years. Erdman also previously served on the staffs of Missouri governors John Ashcroft and Christopher Bond.
