Southfield, Mich.-based TRM Equity II (TRM) on May 2 acquired certain assets of National Railway Equipment Co. (NRE), which it said “clears the way financially for NRE to unlock its potential and execute on a large and growing backlog of orders.” With headquarters in Mount Vernon, Ill., NRE provides locomotive, marine and engine services, specializing in manufacturing, rebuilds, repair, modernization and maintenance.
“We remain confident in our long-term growth despite current economic uncertainty,” CN President and CEO Tracy Robinson said during the Class I’s first-quarter 2023 financial and operating announcement on April 24. “Our updated guidance reflects the strength of our scheduled operating model and its ability to drive strong operational results. For the immediate future, we remain focused on running our plan and providing reliable service to our customers.” Update: On May 3, CN offered its 2024-26 financial perspective to the investment community.
While lease rates and utilization improved in first-quarter 2023 for Trinity Industries’ Railcar Leasing and Management Services Group, margins in the Rail Products Group “continue to reflect headwinds,” according to President and CEO Jean Savage, who said during a May 2 financial report that company officials are “optimistic about what Trinity can accomplish in 2023.” TD Cowen weighs in on May 4.
Amtrak can now operate up to 110 mph through most of the Chicago-St. Louis corridor, and awaits approval of a federal grant to plan an Oklahoma City-Newton, Kans., connection. Also, Metrolinx offers a new way to pay for transit fares in the Greater Toronto and Hamilton Area; New York Metropolitan Transportation Authority (MTA) reports nearly $500 million in upgrades to Brooklyn’s Broadway Junction subway station complex, and could consider re-instating Twitter to publish service alerts; and TransLink ridership in Metro Vancouver rebounds in 2022.
Richardson International is investing $220 million to boost production at its CN-served Wesson Oil facility in Memphis, Tenn. Also, Crowley is teaming with the Canadian Class I to launch end-to-end integrated ocean
Amsted Digital Solutions SAS on May 3 reported landing a multi-year contract to supply onboard telematics devices to Greenbrier Europe that will improve shipment visibility and railcar maintenance.
A new collectively bargained agreement has been ratified by members of the Brotherhood of Maintenance of Way Employes Division-International Brotherhood of Teamsters (BMWED) working at Michigan-based Lake Superior and Ishpeming Railroad (LS&I),
The May 2023 issue of Railway Age is available digitally, showcasing the honorees of our fourth-annual Readers’ Influential Leaders poll and covering CPKC’s Final Spike ceremony, North American locomotive fleet stats, and more.
The Massachusetts Department of Transportation (MassDOT) has opened a new round of funding for its Industrial Rail Access Program. Up to $3 million is available for FY 2024 grants, which will allow businesses to expand or improve rail or freight infrastructure access. Applications are due June 1.
RAILWAY AGE, APRIL 2023 ISSUE: Foundational to the freight and passenger rail network, crossties handle pressure from all sides—from train weight to Mother Nature.