CSX Receives Approval from Surface Transportation Board to Acquire Pan Am Railways
New England Council member, CSX Corp., has been approved by the Surface Transportation Board (STB) to acquire Pan Am Railways, Inc. (Pan Am). This will allow CSX to move forward with their acquisition with a current closing date of June 1, 2022.
This acquisition, adding Pan Am to CSX’s network, will allow for an extended reach of CSX’s services to a wider customer base over an expanded territory. CSX will operate Pan Am with an increased environmental performance, including a more reliable and more fuel-efficient fleet, significantly reducing fuel consumption and improving rail’s environmental footprint in the region. Pan Am is currently headquartered in North Billerica, Massachusetts, and Pan Am owns and operates a nearly 1,200-mile rail network. Pan Am’s network across New England, specifically, has access to multiple port, large-scale commodity producers, and it will allow CSX to expand into Vermont, New Hampshire, and Maine.
“CSX is pleased that the STB approved the proposed acquisition of Pan Am and has recognized the significant benefits this transaction will bring to shippers and other New England stakeholders,” said president and chief executive officer, James M. Foote. “We look forward to integrating Pan Am, their employees and the rail-served industries of the Northeast into CSX and to working in partnership with connecting railroads to provide exceptional supply chain solutions to New England and beyond.”
The New England Council would like to commend CSX on this acquisition and expanded service in the New England region.
Read more in the Massachusetts Transit Magazine.