Railroad News

2/15/2017    

Rail News: CSX Transportation

2/15/2017    

Rail News: CSX Transportation

CSX has called a special meeting of shareholders for March 16, 2017, "to seek shareholder guidance on certain extraordinary requests of Mantle Ridge and Hunter Harrison."

 

Canadian Pacific has enhanced its sales and marketing team in a move the railroad said will better meet the needs of its current and potential customers.

CP named John Brooks senior vice president and chief marketing officer where the railroad said he will apply his two decades worth of experience in a way to be "CP's continued and future success."

Rail News Home CSX Transportation February 2017 Rail News: CSX Transportation

— By This email address is being protected from spambots. You need JavaScript enabled to view it., Associate EditorE. Hunter Harrison last month retired early as president and chief executive officer of Canadian Pacific in an apparent bid to pursue opportunities at other Class Is — CSX's top post presumably chief among them.His departure, which took effect Jan. 31, came five months ahead of schedule.The leadership situation at CP unfolded after Harrison approached the Class I's board to discuss modifications to his employment arrangements that would allow him to explore other opportunities. A special committee then recommended that CP enter a separation agreement with him, officials from the railroad said in a press release.Making the breakThe decision followed negotiations and careful deliberations, as well as the receipt of independent legal advice, CP officials said.As part of the separation agreement, the Class I agreed to a limited waiver of Harrison’s non-competition obligations, while Harrison agreed to forfeit 118 million Canadian dollars worth of benefits and awards.In addition, Harrison agreed to sell all his CP shares by May 31."CP will have no role in Mr. Harrison’s future endeavors," officials from the Class I said in a statement.Those endeavors might include a takeover of CSX’s CEO position. Harrison has partnered with activist investor Paul Hilal’s new investment fund Mantle Ridge LP, which reportedly has raised more than $1 billion to acquire a stake in CSX, according to a Jan. 18 Reuters article.Mantle Ridge is in talks with CSX to install more than three new board members, the news agency reported.Michael Ward — CSX's current CEO — isn't expected to retire until 2019.Harrison's partnership with Mantle Ridge may improve his chances at getting the top job at CSX, according to a report by Benjamin Hartford, a senior research analyst at Robert W. Baird & Co. Inc."We had initially assigned a low probability of Harrison landing at CSX … but the reported involvement of an activist investor clearly increases this likelihood considerably," Hartford wrote in the report.Although Harrison in early 2016 pushed for a plan for CP to acquire Norfolk Southern Railway, joining CSX would be a "more logical" move, Hartford said. That's because NS CEO Jim Squires is "relatively new" in his job, while Michael Ward has been serving as CEO of CSX since January 2003, he added.A strong track recordDuring his time at CP, Harrison helped reduce operating costs and improve profitability — achievements that may be attractive to CSX shareholders, Hartford said.CSX plans to "actively evaluate" Mantle Ridge's views and discuss its earnings-growth strategy with the firm and all shareholders, spokesman Gary Sease said in a statement."CSX Corp. welcomes the views of all of our shareholders and always considers their thoughts on the company’s business and strategy," Sease said.Meanwhile, Keith Creel succeeded Harrison as CEO of CP. Under the previous arrangement, Creel wasn't slated to take the reins until July.Creel served as president and chief operating officer since February 2013. He joined the railroad’s board in May 2015.
Keywords Browse articles on E. Hunter Harrison Canadian Pacific CSX Michael Ward Class I leadership Class I execs Class I CEOs Benjamin Hartford Robert W. Baird & Co. Inc. Baird Contact Progressive Railroading editorial staff.

Rail News Home CSX Transportation February 2017 Rail News: CSX Transportation

— By This email address is being protected from spambots. You need JavaScript enabled to view it., Associate EditorE. Hunter Harrison last month retired early as president and chief executive officer of Canadian Pacific in an apparent bid to pursue opportunities at other Class Is — CSX's top post presumably chief among them.His departure, which took effect Jan. 31, came five months ahead of schedule.The leadership situation at CP unfolded after Harrison approached the Class I's board to discuss modifications to his employment arrangements that would allow him to explore other opportunities. A special committee then recommended that CP enter a separation agreement with him, officials from the railroad said in a press release.Making the breakThe decision followed negotiations and careful deliberations, as well as the receipt of independent legal advice, CP officials said.As part of the separation agreement, the Class I agreed to a limited waiver of Harrison’s non-competition obligations, while Harrison agreed to forfeit 118 million Canadian dollars worth of benefits and awards.In addition, Harrison agreed to sell all his CP shares by May 31."CP will have no role in Mr. Harrison’s future endeavors," officials from the Class I said in a statement.Those endeavors might include a takeover of CSX’s CEO position. Harrison has partnered with activist investor Paul Hilal’s new investment fund Mantle Ridge LP, which reportedly has raised more than $1 billion to acquire a stake in CSX, according to a Jan. 18 Reuters article.Mantle Ridge is in talks with CSX to install more than three new board members, the news agency reported.Michael Ward — CSX's current CEO — isn't expected to retire until 2019.Harrison's partnership with Mantle Ridge may improve his chances at getting the top job at CSX, according to a report by Benjamin Hartford, a senior research analyst at Robert W. Baird & Co. Inc."We had initially assigned a low probability of Harrison landing at CSX … but the reported involvement of an activist investor clearly increases this likelihood considerably," Hartford wrote in the report.Although Harrison in early 2016 pushed for a plan for CP to acquire Norfolk Southern Railway, joining CSX would be a "more logical" move, Hartford said. That's because NS CEO Jim Squires is "relatively new" in his job, while Michael Ward has been serving as CEO of CSX since January 2003, he added.A strong track recordDuring his time at CP, Harrison helped reduce operating costs and improve profitability — achievements that may be attractive to CSX shareholders, Hartford said.CSX plans to "actively evaluate" Mantle Ridge's views and discuss its earnings-growth strategy with the firm and all shareholders, spokesman Gary Sease said in a statement."CSX Corp. welcomes the views of all of our shareholders and always considers their thoughts on the company’s business and strategy," Sease said.Meanwhile, Keith Creel succeeded Harrison as CEO of CP. Under the previous arrangement, Creel wasn't slated to take the reins until July.Creel served as president and chief operating officer since February 2013. He joined the railroad’s board in May 2015.
Keywords Browse articles on E. Hunter Harrison Canadian Pacific CSX Michael Ward Class I leadership Class I execs Class I CEOs Benjamin Hartford Robert W. Baird & Co. Inc. Baird Contact Progressive Railroading editorial staff.

The Port of Virginia (VPA) began a three-year, $320-million expansion effort at the Virginia International Gateway (VIG) on Feb. 13.

The project is one of two large-scale expansion projects that when complete, will increase overall annual container capacity by 40 percent by 2020.

2/14/2017    

Rail News: Supplier Spotlight

2/14/2017    

Rail News: Passenger Rail

2/14/2017    

Rail News: Passenger Rail

Rail News Home CSX Transportation 2/14/2017 Rail News: CSX Transportation
The Carolina Connector will be a major intermodal hub for CSX.Photo – ncdot.gov

2/14/2017    

Rail News: CSX Transportation

2/14/2017    

Rail News: CSX Transportation

Michelle Dippel has been promoted to transportation environmental services director at HDR and will be based in Austin, Texas.

Dippel will be responsible for providing leadership in support of program development, project delivery and the pursuit of environmental services projects in the transportation market, which is a similar to her previous position at HDR as South Central Region transportation environmental services lead.

2/14/2017    

Rail News: High-Speed Rail

2/14/2017    

Rail News: Intermodal

Rail News Home Mechanical February 2017 Part 1 : Progressive Railroading's 2017 Finance and Leasing Guide: Banks Part 2 : Progressive Railroading's 2017 Finance and Leasing Guide: Equipment providers/Equipment Management Services Part 3 : Progressive Railroading's 2017 Finance and Leasing Guide: Finance Companies Part 4 : Progressive Railroading's 2017 Finance and Leasing Guide: Investment Banks Part 5 : Progressive Railroading's 2017 Finance and Leasing Guide: Lessors Part 6 : Progressive Railroading's 2017 Finance and Leasing Guide: Private Equity Firms Part 7 : Progressive Railroading's 2017 Finance and Leasing Guide: Professional Services/Consulting Rail News: Mechanical

DVB Bank SE Representative Office New York609 Fifth Ave., New York, NY 10017
Fax: 212-858-2670
www.dvbbank.comDescription of services: DVB Bank’s Land Transport Finance Division, with New York and Frankfurt offices and a dedicated rail team, provides senior-secured asset financing loans for new/used rail cars and locomotives for operating companies, as well as equipment manufacturers and leasing companies. Product offerings include structured debt into leveraged lease, mezzanine and junior debt, mortgage financing, debt underwriting, as well as international mergers and acquisitions advisory, debt and equity capital markets advice offerings, including asset backed securities, and cross border lease arrangement focused on rolling stock assets.Contact: United States — Joe Devoe, Managing Director and Chief Representative, This email address is being protected from spambots. You need JavaScript enabled to view it., 212-858-2616.
Europe — Martin Metz, Managing Director and Head of Land Transport Finance, This email address is being protected from spambots. You need JavaScript enabled to view it., +49-69-97504-350PNC Equipment Finance995 Dalton Ave., Cincinnati, OH 45203
513-455-9617
www.pnc.com/ef | This email address is being protected from spambots. You need JavaScript enabled to view it. of services: Provider of rail-car lease, loans and
financial solutions.Contact: Ken Roseberry, Senior Vice PresidentWells Fargo RailSee LESSORS next page
Keywords Browse articles on DVB Bank PNC Equipment Finance Wells Fargo Rail Contact Progressive Railroading editorial staff.

Rail News Home Mechanical February 2017 Part 1 : Progressive Railroading's 2017 Finance and Leasing Guide: Banks Part 2 : Progressive Railroading's 2017 Finance and Leasing Guide: Equipment providers/Equipment Management Services Part 3 : Progressive Railroading's 2017 Finance and Leasing Guide: Finance Companies Part 4 : Progressive Railroading's 2017 Finance and Leasing Guide: Investment Banks Part 5 : Progressive Railroading's 2017 Finance and Leasing Guide: Lessors Part 6 : Progressive Railroading's 2017 Finance and Leasing Guide: Private Equity Firms Part 7 : Progressive Railroading's 2017 Finance and Leasing Guide: Professional Services/Consulting Rail News: Mechanical

AllTranstek LLCSee PROFESSIONAL SERVICES/CONSULTINGAmerican Railcar Industries Inc.100 Clark St., St. Charles, MO 63301
636-940-6000
www.americanrailcar.com | This email address is being protected from spambots. You need JavaScript enabled to view it.Description of services: Rail-car design and manufacture, rail-car leasing, rail-car repair services, rail-car components.Chicago Freight Car Leasing Co.See LESSORSCIT RailSee LESSORSConnell Finance Co. Inc.See LESSORSFreightCar America Inc.See LESSORS (JAIX Leasing Co.)GATX Corp.See LESSORSThe Greenbrier Cos. Inc.See LESSORSHerzog Railroad Services Inc.See LESSORSKasgro Rail Corp.121 Rundle Road, New Castle, PA 16102
724-658-9061 | www.kasgro.comDescription of services: Kasgro Rail Corp. provides heavy-duty rail cars.Mitsui Rail Capital LLCSee LESSORSNational Steel Car Ltd.600 Kenilworth Avenue North
P.O. Box 2450, Hamilton, Ontario L8N 3J4
905-544-3311
www.steelcar.comDescription of services: National Steel Car Ltd. is a freight- and tank-car manufacturer.NRESee LESSORSProgress Rail Equipment LeasingSee LESSORSRALCO LLCSee LESSORSTealinc Ltd.1606 Rosebud Creek Road, Forsyth, MT 59327
720-733-9922 | Fax: 720-733-9966
www.tealinc.com | This email address is being protected from spambots. You need JavaScript enabled to view it.Description of services: Tealinc Ltd. is a rail-car and locomotive operating lessor. The company buys, sells, leases and trades freight cars and locomotives; provides rail-car and locomotive marketing and management services; and provides rail transportation consulting services.Contact: Julie Mink, PresidentTrinity Industries Leasing Co.See LESSORSTTX Co.101 N. Wacker Drive, Chicago, IL 60606312-853-3223 | Fax: 312-984-3892
www.ttx.com | This email address is being protected from spambots. You need JavaScript enabled to view it.Description of services: TTX Co. provides rail cars and related freight car management services to the North American rail industry. TTX’s pool of more than 230,000 rail cars and intermodal wells support shippers in the intermodal, automotive, paper and forest, metals, machinery, wind energy and other markets where flat cars, box cars and gondolas are required. TTX is owned by North America’s leading> railroads; TTX’s free-running pools provide fungible assets that minimize total empty miles, further lowering costs and minimizing risk for the industry, helping railroads conserve their capital for other critical infrastructure needs.Contact: Frank Adcock, Assistant VP Marketing, 312-984-3712,
This email address is being protected from spambots. You need JavaScript enabled to view it.Union Tank Car Co.See LESSORSVertex Railcar Corp.202 Raleigh St., Wilmington, NC 28412
508-556-5500
www.vertexrail.com | This email address is being protected from spambots. You need JavaScript enabled to view it.Description of services: Vertex Railcar Corp. operates a 68-acre, 500,000-square-foot rail-car manufacturing facility in Wilmington, N.C. Vertex can produce up to 8,000 rail cars per year, and can provide design support and rapid delivery of standard or specialized freight cars, the company says. The company offers a variety of car types from oil, chemical, and food-grade tanks to hoppers, gondolas and flat cars. Its special patented gate designs for its aggregate and hopper cars allow for rapid discharge with little or no “on track” maintenance once unloading is complete. The company can sell and lease the cars it builds.Contact: Mara Chiarilli, Marketing Coordinator, This email address is being protected from spambots. You need JavaScript enabled to view it.Wells Fargo RailSee LESSORS previous page next page
Keywords Browse articles on AllTranstek American Railcar Industries Chicago Freight Car Leasing CIT Rail Connell Finance FreightCar America GATX Greenbrier Herzog Railroad Services Kasgro Mitsui Rail Capital National Steel Car NRE Progress Rail RALCO Tealinc Trinity Industries Leasing TTX Union Tank Car Vertex Railcar Wells Fargo Contact Progressive Railroading editorial staff.

Rail Insider-Progressive Railroading's 2017 Finance and Leasing Guide: Finance Companies. Information For Rail Career Professionals From Progressive Railroading Magazine

Rail News Home Mechanical February 2017 Part 1 : Progressive Railroading's 2017 Finance and Leasing Guide: Banks Part 2 : Progressive Railroading's 2017 Finance and Leasing Guide: Equipment providers/Equipment Management Services Part 3 : Progressive Railroading's 2017 Finance and Leasing Guide: Finance Companies Part 4 : Progressive Railroading's 2017 Finance and Leasing Guide: Investment Banks Part 5 : Progressive Railroading's 2017 Finance and Leasing Guide: Lessors Part 6 : Progressive Railroading's 2017 Finance and Leasing Guide: Private Equity Firms Part 7 : Progressive Railroading's 2017 Finance and Leasing Guide: Professional Services/Consulting Rail News: Mechanical

DVB Bank SE Representative Office New YorkSee BANKSEdgePoint Capital Advisors LLC2000 Auburn Drive, Suite 330, Beachwood, OH 44122
216-342-5859 | Fax: 216-831-2464
www.edgepoint.com | This email address is being protected from spambots. You need JavaScript enabled to view it.Description of services: EdgePoint, which comprises 17 M&A professionals, is an investment bank “with global reach” that advises clients on sale, divestiture, acquisition, financing and similar middle-market transactions. EdgePoint has more than a decade of transaction and industry experience in and “a special commitment to” serving the railroad and supply industries, according to the company. EdgePoint is a member of FINRA, SIPC and the Alliance of International Corporate Advisors. The company has a “close working relationship” with The McIntire Group, an international railroad consultancy.Contact: Russell J. Warren, Managing Director previous page next page
Keywords Browse articles on DVD Bank EdgePoint Capital Contact Progressive Railroading editorial staff.