The rail, intermodal, and rail-to-truck transload services company CSX Corp. has formalized an agreement to acquire New England’s Pan Am Railways.
North Billerica, Massachusetts-based Pan Am Railways’ rail carrier subsidiaries comprise North America’s largest regional railroad, owning and operating a highly integrated, nearly 1,200-mile rail network. Additionally, Pan Am Railways has a partial interest in the more than 600-mile Pan Am Southern system.
“In Pan Am, CSX gains a strong regional rail network in one of the most densely populated markets in the U.S., creating new efficiencies and market opportunities for customers as we continue to grow,” James M. Foote, president and chief executive officer of CSX, said. “We intend to bring CSX’s customer-centric focus and industry-leading operating model to shippers and industries served by Pan Am. We look forward to integrating Pan Am into CSX, with substantial benefits to the rail-served industries of the Northeast, and to working in partnership with connecting railroads to provide exceptional supply chain solutions to New England and beyond.”
CSX made nearly $1.5 billion in infrastructure capital expenditures in its network in 2019 as a means of supporting economic growth and ensuring supply chain safety and efficiency.
“Pan Am is pleased to reach this agreement with CSX, a North American leader in rail-based freight transportation,” David A. Fink, president of Pan Am Railways, said. “This is great news for New England shippers and the national freight network overall.”