Genesee & Wyoming: Difference between revisions
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'''Genesee & Wyoming Inc.''' is a [[short-line railroad]] [[holding company]] that owns or maintains interests in 47 railroads throughout six countries (the [[United States]], [[Canada]], [[Bolivia]], [[Australia]], and [[Netherlands]]), and operates more than {{convert|5700|mi|km}} of owned and leased track, with an additional more than {{convert|3500|mi|km}} under [[Arrangements between railroads|track-access arrangements]].<ref name="official">[http://www.gwrr.com/ GWI Worldwide - Who We Are]</ref> The company had its roots in the [[Class III railroad|Class III]] [[Genesee and Wyoming Railroad]], which began in 1894. |
'''Genesee & Wyoming Inc.''' is a [[short-line railroad]] [[holding company]] that owns or maintains interests in 47 railroads throughout six countries (the [[United States]], [[Canada]], [[Bolivia]], [[Australia]], and [[Netherlands]]), and operates more than {{convert|5700|mi|km|0}} of owned and leased track, with an additional more than {{convert|3500|mi|km|0}} under [[Arrangements between railroads|track-access arrangements]].<ref name="official">[http://www.gwrr.com/ GWI Worldwide - Who We Are]</ref> The company had its roots in the [[Class III railroad|Class III]] [[Genesee and Wyoming Railroad]], which began in 1894. |
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==History== |
==History== |
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Revision as of 17:37, 28 May 2009
| File:GwLogo.png | |
| Company type | Public |
|---|---|
| Industry | Short line and regional railroad freight |
| Founder | Edward Laton Fuller |
| Headquarters | Greenwich, Connecticut |
Area served | United States, Canada, Mexico, Bolivia, Australia, Netherlands |
| Website | http://www.gwrr.com/ |
Genesee & Wyoming Inc. is a short-line railroad holding company that owns or maintains interests in 47 railroads throughout six countries (the United States, Canada, Bolivia, Australia, and Netherlands), and operates more than 5,700 miles (9,173 km) of owned and leased track, with an additional more than 3,500 miles (5,633 km) under track-access arrangements.[1] The company had its roots in the Class III Genesee and Wyoming Railroad, which began in 1894.
History
In July 2003, the Carolina Coastal Railway, operated by G&W subsidiary Rail Link, Inc., was sold to Main Line Rail Management, Inc.
On May 26, 2005, G&W announced that it has agreed to purchase the railroad operations of Rail Management Corporation (RMC). G&W paid $243 million in cash and assume $1.7 million in company debt to gain control of 14 short line railroads from RMC across the southeastern United States, as of June 1, 2005.[2][3]
As of the close of 2005, Genesee and Wyoming had 2,330 employees in North America.
That year, Hurricane Stan wiped out several miles of Genesee & Wyoming track in Mexico. In 2006, the Mexican government agreed to pay 75 percent of the rebuilding costs, or $15 million, to reconstruct the track.
On February 13, 2006, G&W announced that it has sold its 50% share in operations (the other 50% was owned by Wesfarmers Ltd.) of the Australian Railroad Group (ARG) in Western Australia to Queensland Rail (QR) and Babcock and Brown (B&B). The deal, valued at $974 million (A$1.55 billion), splits the holdings between operations and infrastructure elements with QR purchasing the above-rail operations and B&B purchasing the below-rail infrastructure. In a concurrent deal, G&W purchased Westfarmer's share of ARG in South Australia for $15 million (A$22 million), which was renamed Genesee and Wyoming Australia Pty Ltd and is operated as a subsidiary company of G&W.[4]
Also in 2006, Genesee & Wyoming elected to write off most of the value of its Bolivian operation, on fears that the Bolivian government would soon nationalize privately held railroads there.
Subsidiaries
Rail Link, Inc. (reporting mark RLIX), a subsidiary of Genesee & Wyoming Inc., provides industrial switching and related customer logistics services. Rail Link, headquartered in Jacksonville, Florida, serves industrial customers at 30 locations in 11 states and operates 26 short line railroads (including the Commonwealth Railway, Louisiana and Delta Railroad, and Yorkrail). Rail Link railroads serve 10 major U.S. ports.
Holdings
Genesee & Wyoming Inc. owns controlling interests in the following railroads, either directly or through subsidiaries. These subsidiaries include Rail Link, Inc. (1996), Genesee & Wyoming Canada, Inc. (1997), Emons Railroad Group (2002), CAGY Industries (2008), and Summit View, Inc. (2008). In 2005 G&W acquired the properties formerly owned by the Rail Management Corporation.
The G&W also owns a minority share in Ferroviaria Oriental, a Bolivian railway.
References
- ^ GWI Worldwide - Who We Are
- ^ Genesee and Wyoming, Inc. (May 26, 2005), Genesee & Wyoming Announces Agreement to Acquire Short Line and Port Railroads from Rail Management Corporation. Retrieved May 27, 2005.
- ^ Trains News Wire (May 26, 2005), G&W to acquire Rail Management Corp. rail operations. Retrieved May 27, 2005.
- ^ "Genesee & Wyoming Agrees to Sell Western Australia Operations and Certain Other Assets of the Australian Railroad Group for A$1.3 Billion (US$956 million)" (Press release). Genesee & Wyoming, Inc. February 13, 2006. Retrieved 2006-02-14.
{{cite press release}}: Cite has empty unknown parameter:|1=(help) - ^ Securities and Exchange Commission, Form 10-K: Genesee & Wyoming Inc. for the fiscal year ended December 31, 2006
- ^ a b c d e f g h i j Surface Transportation Board, Finance Docket No. 35177, October 10, 2008
- ^ a b c d e f g h i j k l m n Surface Transportation Board, Finance Docket No. 34708, June 24, 2005
- ^ a b Surface Transportation Board, Finance Docket No. 34453, February 5, 2004
- ^ Surface Transportation Board, Finance Docket No. 34913, November 9, 2006
- ^ Surface Transportation Board, Finance Docket No. 34454, January 16, 2004
- ^ a b c Surface Transportation Board, Finance Docket No. 35139, May 15, 2008
- ^ a b c Surface Transportation Board, Finance Docket No. 33291, November 18, 1996
- ^ Surface Transportation Board, Finance Docket No. 33437, August 14, 1997
- ^ Surface Transportation Board, Finance Docket No. 34671, April 25, 2005
- ^ Surface Transportation Board, Finance Docket No. 35183, October 22, 2008
- ^ a b Surface Transportation Board, Finance Docket No. 33615, July 1, 1998
- ^ Surface Transportation Board, Finance Docket No. 32863, decided February 22, 1996
- ^ a b c d e f Surface Transportation Board, Finance Docket No. 34148, February 28, 2002
- ^ Surface Transportation Board, Finance Docket No. 35098, November 16, 2007
- ^ Surface Transportation Board, Finance Docket No. 32904, decided June 6, 1996
- ^ a b Surface Transportation Board, Finance Docket No. 34235, September 16, 2002
- ^ Surface Transportation Board, Finance Docket No. 34107, November 21, 2001
- ^ Surface Transportation Board, Finance Docket No. 34545, October 1, 2004
- ^ Surface Transportation Board, Finance Docket No. 34447, January 22, 2004
- ^ Surface Transportation Board, Finance Docket No. 34368, August 14, 2003
- ^ Central America going nowhere. Railway Gazette International August 2007.
- ^ Surface Transportation Board, Finance Docket No. 33513, December 12, 1997
- ^ Surface Transportation Board, Finance Docket No. 34223, July 22, 2002