Times Union (Albany, N.Y.)
CSX Completes Purchase of Pan Am Railways
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MECHANICVILLE, N.Y. — CSX Corp. has completed its long-sought purchase of Pan Am Railways, which serves parts of eastern New York and New England and has a rail yard in Halfmoon.
“We are excited to welcome Pan Am’s experienced railroaders into the CSX family and look forward to the improvements we will make together to this important rail network,” CSX CEO James Foote said in a prepared statement.
The price of the sale, which was approved by the federal Surface Transportation Board in April, wasn’t disclosed. Trains magazine, however, has previously reported that the price was estimated at $700 million.
Publicly traded CSX is based in Jacksonville, Fla., and is one of the nation’s largest rail freight providers. They operate a large rail yard in Selkirk.
It wasn’t immediately clear if the purchase would impact operations in either of those locations.
Pan Am, based in North Billerica, Mass., is privately held, with financier Timothy Mellon as majority owner.
It runs a 1,200-mile network throughout New England and has a joint venture with Norfolk Southern for an additional 600 miles of track, known as the Patriot Corridor between Mechanicville and Ayer, Mass.
Through the Patriot Corridor, CSX will be in a joint venture with the rival Norfolk Southern line.
The deal allows CSX to expand its service area into Vermont, New Hampshire and Maine, as well as to Saint John, New Brunswick.
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