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+--- Thread: Genese & Wyoming Industries buys the Providence & Worcester (/showthread.php?tid=8126)
Genese & Wyoming Industries buys the Providence & Worcester - Mike Kieran - 08-16-2016
Genesee & Wyoming Industries purchased the Providence & Worcester Railroad for $125 million. At $25 per share, they paid 53% more than P&W's closing price on Friday. I wonder if that's going to be the curtain call for Guilford Transportation/Pan Am Railways. I see Norfolk Southern taking them over eventually. GWI will probably have the most trackage in the New England Market.
http://www.wsj.com/articles/genesee-wyoming-buys-providence-and-worcester-railroad-to-expand-northeast-service-1471266714
Re: Genese & Wyoming Industries buys the Providence & Worces - MountainMan - 08-16-2016
That's been the trend for a century or more - more successful lines buying up smaller less successful ones. It's the only way to make a go of things in this crippled economy.
Re: Genese & Wyoming Industries buys the Providence & Worces - Brakie - 08-17-2016
G&W has a humble beginning as a 14 mile rock salt hauler and is still hauling salt.
G&W now owns 114 short lines and operates in 41 states,4 Canadian Provinces and has rail operation in Australia and UK/Europe.
For those that may not know GWI also bought Rail America and the Ohio Central Systems.
I would not be surprise if GWI buys Guilford Transportation/Pan Am Railways.
I seriously doubt if NS has a hankering to enter the short line business that's why NS and CSX decided on CSAO as their local service operator in some areas.
Re: Genese & Wyoming Industries buys the Providence & Worces - Mike Kieran - 08-17-2016
They may want to own Guilford/Pan Am before Genesee & Wyoming buys them.