Ferromex becomes the first new owner of TTX in 43 years. Its addition to the TTX family is expected to enhance the utilization of energy efficient rail transportation for international movements.
“This is an important step for our company,” said TTX President and Chief Executive Officer Andrew F. Reardon. “With Ferromex, we will extend the benefits of TTX’s time-tested business model to an important and growing participant in the North American rail marketplace. We are gratified to have Ferromex join the TTX family, and we look forward to a long and successful partnership between Ferromex and TTX’s other railroad owners.”
Ferromex is the largest railroad in Mexico with revenue in excess of $1 billion U.S. The railroad operates more than 5,000 miles of track and transports in excess of 40 percent of all Mexican rail freight.
Ferromex also serves five major seaports; four on the Pacific Ocean and another on the Gulf of Mexico. With five major interchange points along the U.S.-Mexico border, Ferromex interchanges more than 300,000 railcars annually with the U.S. and Canada. It also operates a fleet of 15,000 railcars, the largest in Mexico.
“Becoming an owner of TTX will help Ferromex ensure a reliable supply of railcars, maximize equipment efficiency through pooling, and deliver a considerable reduction in empty transportation costs,” Rogelio Velez, Chief Commercial Officer for Ferromex said.
TTX Company provides railcars and related freight car management services to the North American rail industry. A fleet of more than 200,000 TTX flatcars, boxcars and gondolas move intermodal containers, automobiles, lumber, machinery, building materials, steel and other commodities across Canada, Mexico and the United States.
— Business Wire