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Revision as of 14:06, 5 December 2011

"Rail Link" redirects here. For other uses, see Rail Link (disambiguation).
Genesee & Wyoming Inc.
Company typePublic (NYSE: GWR)
IndustryShort line and regional railroad freight
FounderEdward Laton Fuller
HeadquartersGreenwich, Connecticut
Area served
United States, Canada, Mexico, Bolivia, Australia, Netherlands
Key people
John C. Hellmann, President and CEO
Websitehttp://www.gwrr.com/
Typical G&W livery on a Huron Central locomotive.

Genesee & Wyoming Inc. (NYSE: GWR) is a short-line railroad holding company that owns or maintains interests in 63 railroads throughout six countries (the United States, Canada, Bolivia, Australia, Mexico, and Netherlands), and operates more than 7,400 miles (11,900 km) of owned and leased track, with more than 1,400 miles (2,300 km) under additional track-access arrangements.[1] The company had its roots in the Class III Genesee and Wyoming Railroad, which began in 1899.[2]

History

Early years

Genesee and Wyoming Railroad, predecessor of Genesee & Wyoming Inc., was purchased out of bankruptcy in 1899 by Edward L. Fuller. At that time, the railroad was operating as a 14.5 miles (23.3 km) long single-track line serving a single customer, a salt mine owned by Fuller in Retsof, NY. It was still operating the same line for the salt mine when Mortimer B. Fuller III, great grandson of Edward L. Fuller, purchased the railroad in 1977. The holding company, Genesee & Wyoming Railroad Inc., was organized during the same year, and the railroad became its subsidiary.[2]

With deregulation of the rail industry by the Staggers Rail Act of 1980, railroads began disposing of unprofitable routes. Genesee & Wyoming acquired several of these short line railroads, scattered across the United States, from 1985 to 1996. Its acquisitions began including railroads in other countries in 1997.[2]

Continued expansion

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.[3][4]

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 Wesfarmers' 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.[5]

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.[citation needed]

In June 2010, Genesee & Wyoming Inc, through a subsidiary holding company, paid A$334 million to acquire the operational rights to and the leasehold of the Tarcoola to Darwin Railway from the Asia Pacific Transport Consortium, and the operational rolling stock of Freightlink. The railway operations are conducted by Genesee and Wyoming Australia Pty Ltd.[6][7] This 1,400 miles (2,300 km) rail line was the longest the company had purchased.[2]

On 2 August 2011, Genesee & Wyoming announced that it planned to purchase the Arizona Eastern Railway from Iowa Pacific Holdings for US$90.1 million, with the deal expected to be completed by the end of the year.[8] The deal was closed on 1 September 2011.[9]

Subsidiaries

File:G&W WT logo.jpg
Logos of Rail Link subsidiaries have a coupler in the center.

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.[citation needed]

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.

Company Acquired from Date Notes
Aliquippa and Ohio River Railroad Summit View 2008[10]
Allegheny and Eastern Railroad direct 1992
AN Railway Rail Management 2005[11]
Arkansas, Louisiana and Mississippi Railroad Georgia-Pacific 2003[12]
Atlantic and Western Railway Rail Management 2005[11]
Bay Line Railroad Rail Management 2005[11]
Buffalo and Pittsburgh Railroad direct 1988
Chattahoochee Bay Railroad direct 2006[13]
Chattahoochee Industrial Railroad Georgia-Pacific 2003[14]
Chattooga and Chickamauga Railway CAGY 2008[15]
Columbus and Greenville Railway CAGY 2008[15]
Columbus and Ohio River Railroad Summit View 2008[10]
Commonwealth Railway Rail Link 1996[16]
Corpus Christi Terminal Railroad Port of Corpus Christi 1997[17]
Dansville and Mount Morris Railroad direct 1985
East Tennessee Railway Rail Management 2005[11]
First Coast Railroad direct 2005[18]
Fordyce and Princeton Railroad Georgia-Pacific 2003[12]
FreightLink 2009–2010[19]
Galveston Railroad Rail Management 2005[11]
Genesee and Wyoming Railroad direct 1977
Genesee and Wyoming Australia direct 2006
Georgia Central Railway Rail Management 2005[11]
Georgia Southwestern Railroad direct 2008[20]
Golden Isles Terminal Railroad Georgia Ports Authority 1998[21]
Hilton and Albany Railroad direct 2012 (scheduled)
Huron Central Railway G&W Canada 1997
Illinois and Midland Railroad direct 1996[22]
KWT Railway Rail Management 2005[11]
Little Rock and Western Railway Rail Management 2005[11]
Louisiana and Delta Railroad direct 1987
Luxapalila Valley Railroad CAGY 2008[15]
Mahoning Valley Railway Summit View 2008[10]
Maryland Midland Railway direct 2007[23] Owns 87.4% interest, Lehigh Cement (the largest shipper on the line) owns the remaining 12.6%
Meridian and Bigbee Railroad Rail Management 2005[11]
Ohio Central Railroad Summit View 2008[10]
Ohio and Pennsylvania Railroad Summit View 2008[10]
Ohio Southern Railroad Summit View 2008[10]
Pittsburgh and Ohio Central Railroad Summit View 2008[10]
Pittsburg and Shawmut Railroad direct 1996[24]
Portland and Western Railroad direct 1995
Quebec Gatineau Railway G&W Canada 1997 Lessee of Mirabel Railway
Riceboro Southern Railway Rail Management 2005[11]
Rochester and Southern Railroad direct 1986
St. Lawrence and Atlantic Railroad Emons 2002[25]
St. Lawrence and Atlantic Railroad (Quebec) Emons 2002[25]
Salt Lake City Southern Railroad Utah 2002[26]
Savannah Port Terminal Railroad Georgia Ports Authority 1998[21]
South Buffalo Railway Bethlehem Steel 2001[27]
Talleyrand Terminal Railroad Rail Link 1996[16]
Tazewell and Peoria Railroad direct 2004[28] Lessee of Peoria and Pekin Union Railway
Tomahawk Railway Rail Management 2005[11]
Utah Railway direct 2002[26]
Valdosta Railway Rail Management 2005[11]
Warren and Trumbull Railroad Summit View 2008[10]
Western Kentucky Railway Rail Management 2005[11]
Willamette and Pacific Railroad direct 1993
Wilmington Terminal Railroad Rail Management 2005[11]
York Railway Emons 2002[25]
Yorkrail Emons (York) 2002[25]
Youngstown and Austintown Railroad Summit View 2008[10]
Youngstown Belt Railroad Summit View 2008[10]
Bradford Industrial Railroad direct 1988 Merged 2004 into Buffalo and Pittsburgh Railroad[29]
Carolina Coastal Railway Rail Link 1996[16] Sold 2003[30]
Ferrocarriles Chiapas-Mayab direct 1999 Ceased operations 2007 [31]
GWI Switching Services direct 1994 Ceased operations 1997[32]
Penn Eastern Rail Lines Emons 2002[25] Sold 2002[33]

The G&W also owns a minority share in Ferroviaria Oriental, a Bolivian railway.

References

  1. ^ "About Us". Genesee & Wyoming, Inc. Retrieved August 11, 2011.
  2. ^ a b c d "Our History". Retrieved August 11, 2011. {{cite web}}: Text "Genessee & Wyoming Inc." ignored (help)
  3. ^ Genesee & Wyoming, Inc. (May 26, 2005), Genesee & Wyoming Announces Agreement to Acquire Short Line and Port Railroads from Rail Management Corporation. Retrieved May 27, 2005.
  4. ^ Trains News Wire (May 26, 2005), G&W to acquire Rail Management Corp. rail operations. Retrieved May 27, 2005.
  5. ^ "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)
  6. ^ "Adelaide-Darwin railway sold to US company". ABC News. June 10, 2010. Retrieved August 11, 2011.
  7. ^ "FreightLink-owned Adelaide-Darwin railway to be sold to US company Genesee & Wyoming". Adelaide Now. The Advertiser. June 9, 2010. Retrieved August 11, 2011.
  8. ^ "Genesee & Wyoming Inc to acquire Arizona Eastern Railway". Rail.co. 2 August 2011. Archived from the original on 2 August 2011. Retrieved 3 August 2011.
  9. ^ "Genesee & Wyoming completes Arizona Eastern acquisition". Progressive Railroading. 6 September 2011. Retrieved 7 September 2011.
  10. ^ a b c d e f g h i j Surface Transportation Board, Finance Docket No. 35177, October 10, 2008
  11. ^ a b c d e f g h i j k l m n Surface Transportation Board, Finance Docket No. 34708, June 24, 2005
  12. ^ a b Surface Transportation Board, Finance Docket No. 34453, February 5, 2004
  13. ^ Surface Transportation Board, Finance Docket No. 34913, November 9, 2006
  14. ^ Surface Transportation Board, Finance Docket No. 34454, January 16, 2004
  15. ^ a b c Surface Transportation Board, Finance Docket No. 35139, May 15, 2008
  16. ^ a b c Surface Transportation Board, Finance Docket No. 33291, November 18, 1996
  17. ^ Surface Transportation Board, Finance Docket No. 33437, August 14, 1997
  18. ^ Surface Transportation Board, Finance Docket No. 34671, April 25, 2005
  19. ^ "Railway Gazette: News in Brief". Retrieved 2011-01-02.
  20. ^ Surface Transportation Board, Finance Docket No. 35183, October 22, 2008
  21. ^ a b Surface Transportation Board, Finance Docket No. 33615, July 1, 1998
  22. ^ Surface Transportation Board, Finance Docket No. 32863, decided February 22, 1996
  23. ^ Surface Transportation Board, Finance Docket No. 35098, November 16, 2007
  24. ^ Surface Transportation Board, Finance Docket No. 32904, decided June 6, 1996
  25. ^ a b c d e Surface Transportation Board, Finance Docket No. 34148, February 28, 2002
  26. ^ a b Surface Transportation Board, Finance Docket No. 34235, September 16, 2002
  27. ^ Surface Transportation Board, Finance Docket No. 34107, November 21, 2001
  28. ^ Surface Transportation Board, Finance Docket No. 34545, October 1, 2004
  29. ^ Surface Transportation Board, Finance Docket No. 34447, January 22, 2004
  30. ^ Surface Transportation Board, Finance Docket No. 34368, August 14, 2003
  31. ^ Central America going nowhere. Railway Gazette International August 2007.
  32. ^ Surface Transportation Board, Finance Docket No. 33513, December 12, 1997
  33. ^ Surface Transportation Board, Finance Docket No. 34223, July 22, 2002
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