Regulators approve CSX’s purchase of a regional railroad

Apr 14, 2022, 3:47 PM | Updated: 8:59 pm

JACKSONVILLE, Fla. (AP) — Federal regulators have approved CSX’s purchase of Pan Am Railways, a regional railroad in the northeastern United States that will expand CSX’s network in New England.

The U.S. Surface Transportation Board said Thursday that the deal that was first announced in late 2020 can now be completed. Terms of the deal have not been released.

The deal will expand CSX’s 23-state network into Vermont, New Hampshire and Maine, while adding to its reach in New York, Connecticut and Massachusetts. CSX will also acquire Pan Am’s partial ownership of a 600-mile joint venture with Norfolk Southern railroad called Pan Am Southern.

Edward Jones analyst Jeff Windau said Pan-Am is relatively small compared to CSX, but it is rare for railroads to find an opportunity to expand their networks like this, and the deal will bring some additional volume.

Regulators said the deal should improve Pan-Am’s rail network because CSX has more capital to invest in the tracks, and customers will benefit from being able to ship their goods across the region on a single railroad. There may also be environmental benefits from the deal because CSX uses newer, more efficient locomotives.

CSX CEO Jim Foote said he looks forward to adding Pan-Am’s employees and serving the industries in the northeast that rely on railroads. Foote said he’s glad regulators “recognized the significant benefits this transaction will bring to shippers and other New England stakeholders.”

Pan Am, which is based in North Billerica, Massachusetts, is expected to become part of Jacksonville, Florida-based CSX on June 1.

Before the deal, CSX was already one of the nation’s largest railroads operating more than 21,000 miles (34,000 kilometers) of track in 23 Eastern states and two Canadian provinces.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquart...
Associated Press

Asian stocks higher after Fed says rate hikes may be needed

BEIJING (AP) — Asian stock markets gained Thursday after the Federal Reserve said higher U.S. interest rates might be needed to cool inflation. Shanghai, Tokyo and Sydney advanced. Hong Kong declined. Oil prices edged higher after falling below $100 per barrel this week. Wall Street’s benchmark S&P 500 index gained 0.4% on Wednesday after notes […]
24 hours ago
A girl reaches out from a window of her home built on squatted land that is occupied by hundreds of...
Associated Press

Inflation pushed 71M people into poverty since Ukraine war

DUBAI, United Arab Emirates (AP) — A staggering 71 million more people around the world are experiencing poverty as a result of soaring food and energy prices that climbed in the weeks following Russia’s invasion of Ukraine, the United Nations Development Program said in a report Thursday. The UNDP estimates that 51.6 million more people […]
24 hours ago
FILE - Sumo wrestler Takayuki Ichihara from Japan, left, fights against Keisho Shimoda from Japan, ...
Associated Press

Pandemic-delayed World Games open in Birmingham a year late

BIRMINGHAM, Ala. (AP) — Delayed a year because of the COVID-19 pandemic, the World Games open Thursday in Alabama featuring more than 3,600 athletes participating in non-Olympic events including sumo wrestling, gymnastics, pickleball, martial arts and tug of war. The opening ceremony, set for Thursday night at Protective Stadium in Birmingham, includes performances by Nelly […]
24 hours ago
Associated Press

Sentencing set for 2 in Arizona ballot harvesting case

YUMA, Ariz. (AP) — Two women are scheduled to be sentenced Thursday in southern Arizona for their conviction for illegally collecting four early ballots during the 2020 primary election. Authorities say Guillermina Fuentes and Alma Juarez participated in “ballot harvesting.” That’s a practice once used by both political parties to boost turnout but was made […]
24 hours ago
Park Sang-hak, a North Korean defector-turned-activist, holds to release a balloon bearing masks an...
Associated Press

S Korean group floats balloons toward North amid animosities

SEOUL, South Korea (AP) — A South Korea activist said Thursday he launched more huge balloons carrying COVID-19 relief items toward North Korea, days after the North vowed to sternly deal with such activities and made a highly questionable claim they were a source of the virus. South Korean experts doubt North Korea’s moves to […]
24 hours ago
FILE - A house sits in Rock Creek after floodwaters washed away a road and a bridge in Red Lodge, M...
Associated Press

Yellowstone flooding reveals forecast flaws as climate warms

BILLINGS, Mont. (AP) — The Yellowstone National Park area’s weather forecast the morning of June 12 seemed fairly tame: warmer temperatures and rain showers would accelerate mountain snow melt and could produce “minor flooding.” A National Weather Service bulletin recommended moving livestock from low-lying areas but made no mention of danger to people. By nightfall, […]
24 hours ago

Sponsored Articles

...
Dr. Richard Carmona

Great news: Children under 5 can now get COVID-19 vaccine

After more than two years of battle with an invisible killer, we can now vaccinate the youngest among us against COVID-19. This is great news.
...
Day & Night Air Conditioning, Heating and Plumbing

Most plumbing problems can be fixed with regular maintenance

Instead of waiting for a problem to happen, experts suggest getting a head start on your plumbing maintenance.
...
Christina O’Haver

BE FAST to spot a stroke

Every 40 seconds—that’s how often someone has a stroke in the United States. It’s the fifth leading cause of death among Americans, with someone dying of a stroke every 3.5 minutes.
Regulators approve CSX’s purchase of a regional railroad