CSX President and CEO James M. Foote said the takeover will make train service in the region more reliable and fuel-efficient, improving the industry’s environmental footprint.
in 2020, but needed clearance by the Surface Transportation Board before moving ahead on a closing that’s now scheduled for June 1.
By signing off, the agency “has recognized the significant benefits this transaction will bring to shippers and other New England stakeholders,” CSX President and CEOHe said the takeover will make train service in the region more reliable and fuel-efficient, improving the industry’s environmental footprint.
“We look forward to integrating Pan Am … into CSX and to working in partnership with connecting railroads to provide exceptional supply chain solutions,” Foote said The takeover will add Vermont, New Hampshire and Maine to the 23 states where CSX already operates, and will expand its service in New York, Connecticut and Massachusetts following months of work gathering support for the takeover from politicians and rail customers.
Industry rival Norfolk Southern Railway, which jointly operated a related firm and 600-mile rail line with Pan Am, at one point about the deal’s effects on competition. But the companies agreed last year that the related firm, Pan Am Southern LLC, and its 600-mile line would be operated by an outside firm contracted “to advance the interests of PAS as an independent carrier.”
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